info@bankruptcy-fremantle.com.au 1300 818 575

Free Bankruptcy Assistance

Fast, Confidential and no Obligation

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Free Bankruptcy Assistance

Fast, Confidential and no Obligation

Enquire Online Now Or Request A Callback

Enquire Online Now

Request A Callback

Are your personal or business bills getting out of control?

We offer straight-forward bankruptcy assistance. At Bankruptcy Fremantle we recognize that the very thought of bankruptcy is distressing, and if it becomes a reality it is absolutely horrifying. We understand that you are generally feeling very overwhelmed, ambushed or maybe like you have absolutely no alternatives left, and so we wish to help lead you through the process.

But here’s the important thing – you’ve actually gone through the toughest part of the process – you have actually taken that initial step towards putting your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is truly to find out if bankruptcy is truly right for you. There is certainly a few factors you have to know even before making that choice so we recommend that you continue searching across this site, it has plenty of great information, or you can just simply get the phone and phone us on 1300 818 575.

Bankruptcy Fremantle,Bankrupt Fremantle,Insolvency Fremantle

You Can Be 100 % Debt Free!

Can you picture a future free from lenders’ harassing phone calls as well as looking forward to the post once again? There are a few things you should certainly know before you make that complicated choice. Firstly, the faster you take action then the more options you will have.

5 questions you will need to answer before you declare yourself bankrupt

There are 5 critical problems you need to have an solution to before you declare bankruptcy. If you want to know what they are, feel free to download our free e-book on the right hand part of this web page. This e-book is going to address these big 5 questions specifically and give you peace of mind that you are doing the right thing.

Get your FREE copy of the Big 5

* We vow not to pester you with emails and phone calls when you sign up for our free e-book. In fact, we vow to only get in touch with you just once to see if we can help you even more and that’s it.

Your Insolvency Options

Is going bankrupt my only real choice?

No! Generally there are a variety of options available to you. Here is a chart detailing the advantages and disadvantages of the various debt solutions available. This diagram is certainly by no means an exhaustive resource, but it will help you to make a well-informed decision.

What exactly is a Personal Insolvency Agreement?

This is an adaptable arrangement involving you and your lenders. It is supervised through a trustee who controls the amount of money you need to pay out and when you have to pay. Once those circumstances have actually been met you are then free to start again with a new beginning.

What is a Debt Agreement?

A debt agreement makes it possible for a debtor to enter into an arrangement with their creditors to settle their unpaid debts without being made bankrupt.

You can’t become part of a Debt Agreement if you have been bankrupt, or if you are already in a debt agreement. Also keep in mind that there are also income restrictions, as well as restrictions on property value and unsecured debt value. If you wish to know more feel free to get in touch with us on 1300 818 575.

How do you Choose?

Ultimately it is up to you, but don’t be fooled by certain companies because many of them have a strong bias! The main reason you find a lot of expensive commercials on the TV in the Fremantle area inviting you to go for some of these alternatives is that there is lots of cash in it for the companies that provide them. You will notice (if you haven’t already) that every single business has the tendency to give (biased) advice according to the product that they supply. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is pretty common across the industry, so make sure you don’t get sucked in. And nor should this website be the only thing you read! We try to give unbiased advice, but please do your research across a range of sources to find what approach is going to be best for you!

Should I consider a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the best plan. Usually the matter with them is that all it is really doing is wrapping 5-15 various debts into one large debt. If you are battling to pay all your various loans now, then why do you think it will be amazingly easier to have one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make everything worse you normally will need to pay up front for the ‘ luxury’ of this option. If you wish to get some clarification or more information on this, then just simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I apply for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a significant problem for you then the most efficient way in order to get the answer is to call us here at Bankruptcy Experts Fremantle on 1300 818 575 and after we have an understanding about your circumstances we can give you a clear picture over the telephone. Practically every one is emotionally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People typically think it’s an inescapable consequence of bankruptcy and hence they pressure themselves to the brink of madness to not lose the family home.

Will the bank allow me to keep my house even if I’m a bankrupt?

Why might the bank want bankrupt customers? Wouldn’t they want to sell your property and not take the risk? Bear in mind – the bank that has kindly offered you the money for your house is making good money each month in interest from you, month in and month out. Provided that you keep up to date with your mortgage payments then the bank would like you in there at all costs. Nonetheless it is generally not the bank’s call – if a trustee determines that there is suitable equity in your house the trustee will oblige you and the bank to sell your home.

What aspects would result in losing your house?

Equity! If you are up to date with your monthly payments then the most significant issue is equity. A trustee has a duty to gather as much money to help settle your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your house and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a solution to pay your debt therefore they are going to sell your home to pay off the debt and give you whatever money remains from the sale.

How is equity decided?

Many people are not confident about just what equity is, as well as how it is calculated– but it is absolutely crucial to find out given that if you get it, it can mean the difference between keeping and losing your home. There are a few factors you have to know here. To begin with, your gut reaction or suspicion about the true worth of the property is probably far too generous. Many people think their house is worth much more than it actually is.

Secondly, when you declare personal bankruptcy the trustee may ask how you formed your price for the house. In some cases they will seek more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A simple method would be to search www.realestate.com.au then select the ‘Sold’ tab on that website and search for recent house sales in your street or area. This will help you get some idea of the reality of the marketplace right now. Keep in mind, the appraisal is based on a quick sale not a skillful real estate agent’s advertising and marketing campaign. So If you truly want a good idea, I would definitely encourage getting a valuer and asking them to give you 2 values for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Being aware of this step is critical, so get some advice before going forward, call us on 1300 818 575.

What if my partner’s name is on the Mortgage?

Regularly when a couple purchase a home one income isn’t enough to secure the loan, so the bank/lender will have each partners sign up for the loan. Once your house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Let’s say Mick and Susie purchased a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is an electrician and has to go bankrupt but Susie has a good job teaching and doesn’t have to go bankrupt.

Unfortunately, the house has not improved in price in the 4 years they have used it and they also have merely managed to pay interest on the loan in that time so basically they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and as long as they keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This action will, in no way, affect Susie’s credit rating or force her to go bankrupt also. There is quite a lot to think about when it comes to homes and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

What if my home has a lot of Equity? What can I do?

If your home has lots of equity and you are nevertheless drowning in debt, there are still some choices available to you– it might be complicated, but the important step is to speak with an expert to try and get ahead of it. In fact, this concerns cars or other assets you may have as well. What you can not afford to do is assume that everything will be ok. It is the bankruptcy trustee’s job to sell whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be dire! Before you take your next step get some advice. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my company be notified?

Generally there is actually no reason for your company to be advised of your bankruptcy. In circumstances where you earn above the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments on your own, it doesn’t go via your workplace.

Who will hear of my bankruptcy?

There are 4 groups of people that will learn that you are bankrupt. 1. People that you tell. 2. Your creditors or people you owe money to. 3. People that see your credit file while you’re bankrupt. However, the only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you make an application for a loan. 4. You will be listed on the National Insolvency Index on the internet somewhere. But this is not too big a problem because it is hard to find and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Fremantle, we are fully mindful that there is nonetheless a stigma connected to bankruptcy. We are aware of this problem and we can help to guarantee that if you declare yourself bankrupt that you don’t have to go to court, get your name in the newspapers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is swift and easy. In fact, the entire process will only take a few days. It makes it possible for the average person to get out of debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Might I lose my job if I file for bankruptcy?

The answer to the question is – yes, but only in some cases. The difficulty with some professions isn’t that you can’t do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make it troublesome for you.

What we would really suggest is that you do your very own research here. It will make a big difference if you investigate this process prior to declaring bankruptcy considering that may really help you decide. Check if your job is on the diagram below. If it is, we suggest speaking to them personally and explaining your situation. A few organisations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious actions. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Fremantle on 1300 818 575.

Bankruptcy Income Thresholds

What amount can I make when I’m bankrupt?

There are actually no restrictions on the amount of you can earn, but if you make over a certain amount, some of the extra can be taken by the trustee to repay your creditors. This means that you cannot be deciding not to pay your debts and still pull in a 6 figure salary– it simply just wouldn’t be fair to the people you owe money to. So how much can you earn before you start repaying money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you must know what is taking place then focus now. Since March 2016 there have been alterations to the Income Threshold amounts. This suggests that there are changes to just how much money you are able to keep when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be managed to consider things like salary sacrifice and substantial superannuation payments etc. Your net income might also include more unusual costs sustained as a result of being employed. Such as, if you are subjected to an unusually high amount of travel costs to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, based on the bankruptcy rules.

The income threshold numbers are also per person and are set up by the Government every March and September to allow for the movement in the cost of living.

What can my partner make if I go bankrupt?

Generally there is no limit to what your spouse/partner can earn. There are a few implications that must be thought about in some scenarios, but in most cases your partner is a totally separate legal entity and will not be affected financially when you file for bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are unsure just contact us on 1300 818 575.

Who is considered a dependent?

This may be any person, of any age, that lives with you and earns under $3,343 per year. If, in the case you have a child or children that you pay child support for and they don’t live with you full time, then you can not claim these children as dependents.

Suppose my spouse or partner and I both need to go bankrupt?

If a couple need to both file for bankruptcy and you have no dependents then you can each earn $1,048.25 net. An useful way to understand it is the same income rules apply for each person individually.

Self Employment & Bankruptcy

Can I lose my small business if I go bankrupt?

The basic answer is no, you do not have to but you do need to get the appropriate guidance. Business insolvency laws are very entailed and you have to tread cautiously if you wish to continue to be self-employed.

You may already recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t inevitably mean you can’t run your very own business and hire staff etc

What if I have both Business and Personal Debts?

If you are a business owner and you have a combo of individual and business debts then it’s possible to have most, if not all, of the debts wiped out with bankruptcy. Bear in mind this is an intricate process and needs special attention. The fact is, personal bankruptcy doesn’t automatically signify business bankruptcy as well.

Whether you administer your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Feel free to call us on 1300 818 575 for a no commitment FREE consultation.

Should I put my business into liquidation?

Among the main reasons you may wish to consider liquidation instead of bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few choices, for example, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my business?

There are limitations for business owners that are bankrupt. As an example, as a bankrupt company owner you can be in your own business as a sole trader only. For a few business owners, bankruptcy can impact their ability to manage the business because of the licensing concerns. For example, a builder with a builder’s license can not continue to use that license for the 3 years she or he is simply bankrupt.

There are actually other implications for small business owners whilst bankrupt that have to be considered. In case you need to know more about this just feel free to call us for a no obligation, free consultation on 1300 818 575.

Isn’t it illegal to run a similar business after bankruptcy?

It could be. There are points to consider when and if you declare bankruptcy as a business owner. You can not run up heaps of debt in your company, then go bankrupt then open the doors the next day like absolutely nothing has happened. There are laws in place to avoid these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Fremantle today on 1300 818 575.

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