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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you must do is apply to your bankruptcy trustee for authorization to go. You’ll get it, nonetheless there is a one-page application you have to fill in simply to update the trustee of how long you are going to be travelling, etc. This rule only actually exists so high flyers don’t skip the country. At times the trustee will request your passport, but don’t fret about it considering that you can ask for it back when you would like to travel. The big part of this is making sure that you in fact ask– because if you overlook this then you can actually get in a lot of trouble. Call us if you wish to know more regarding travel on 1300 818 575.

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In a lot of cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Fremantle we are truly specialists at helping people keep their houses. It’s actually quite tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will guide you through your choices.

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The thought of losing the family house is very likely one of the most common deterrent to people declaring bankruptcy. We talk with people every day who have battled for many years under substantial financial strain so they don’t lose their home.

So how is it likely when declaring bankruptcy to keep your house? Easy, really; it’s a matter of equity. Let’s put it this way, if you own a home that’s worth $350,000 and you owe the bank $350,000 you in reality have no equity in the house, correct? The trustee will only sell your house if there is normally enough equity in the home, if sold, to pay off a number of your debts. So for this specific situation, the trustee will then offer you some options, one of which is to simply to go on paying the mortgage and remain in the house while you are simply bankrupt.

So how can I find out the value of my home before I experience the process and pain of declaring bankruptcy? A general way is generally to go onto www.realestate.com.au and take a look at the sold houses tab in the Fremantle area and then it will show you all the previous sales in your neighborhood. Another possibility, if you are uncertain or are very anxious, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned doing this will cost you anywhere between $300-700. Just another thing about house prices – If the trustee needs to sell off your house they do so fairly swiftly. It is normally not a 6-month sleek advertising effort and rather it’s usually by auction and they merely meet the market on the day and that is generally it. So when considering the value remember that it’s a sell now price, not when the market improves.

Once you have figured out the market value of your home the next thing to look at is who owns your home.

Generally when our customers are declaring bankruptcy most home loans are generally between a couple of individuals as joint tenants who both add to the home loan. When only one party is declaring bankruptcy then the equity is calculated like this.

Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? Fifty percent of that complete equity is immediately allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party must take care of all of the selling costs including advertising etc.,

which, depending upon where you live, can cost anywhere between $12,000-20 ,000. With this particular case say the marketing expenses are going to be $15,000 then the remaining left over after the sale is $10,000. So in this case the trustee will offer the non-declaring bankruptcy party several choices. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell the house and you are going to have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep the house.

Just a side note: the financial institution who has delivered you the home loan will need the payments to be continued naturally. Regardless of what the trustee determines, if you don’t pay the bank the property loan they will ultimately ask you to leave. So, in plain English, keeping your home definitely implies keeping the mortgage too.

There are many more choices with your house when declaring bankruptcy, and we have just detailed one choice of probably 20 options you can opt for when it comes to your house. We understand you will need to get this right. Taking a chance with the family household may be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you simply just need to talk to someone contact us on 1300 818 575.

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Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, it’s possible the trustee will restrict your travel.

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Bankruptcy lasts 3 years and is going to sit on your credit file for that time. However, as with any default it will show on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and during that time you definitely will not get a loan. After the 3 years is done you will have the potential to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been absolved as a bankrupt then you will have an fitting credit history in the future and you will get the most competitive deal on loans.

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In most cases, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Naturally, this is uncertain and we can let you know if yours is safe. Call Bankruptcy Experts Fremantle on 1300 818 575.

How is this figured out? Well it is calculated based upon a threshold price for your car. The threshold is the max wholesale market value your car could be worth, which is $7,350. You will find all sorts of erroneous information about this online, but here are really the simple facts. That $7,350 represents not the full value; it represents equity. So, in other words, if you have a car worth $35,000 you are paying back or leasing and the amount you could possibly sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that offered you the loan for the car will be pleased for you to maintain the car despite the fact that you are bankrupt so long as you maintain the payments.

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Get some guidance with this one. If you are considering declaring bankruptcy and simply just need some advice as soon as possible call 1300 818 575. Basically, you will receive about 2 to 3 payments grace when it relates to car loans. The bottom line is straightforward: whether you are declaring bankruptcy or not, if you overlook three or more repayments on your loan they will take back the car. Don’t presume because you are declaring bankruptcy you are automatically going to lose your car because most of the time we help people retain them.

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The creditors, or the people you owe money to, are notified in writing at approximately the same time you receive your bankruptcy file number.

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No. The declaring bankruptcy procedure is basically a paperwork exercise. The only thing that actually happens is that you will quite possibly be sent a letter by snail mail or emailed a notice informing you that you are bankrupt. At Bankruptcy Experts Fremantle we ensure that this whole procedure is that straightforward, so if you have questions about this phone 1300 818 575.

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Absolutely. This process will take approximately two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that allow a bankrupt individual to get their bankruptcy annulled by means of a Section 73 proposal.

The effects of creditor’s claims can commonly result in bankruptcy, notwithstanding if it was the individual’s choice to enter bankruptcy, or if it was actually filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the individual who goes through bankruptcy.

We have been supporting people declaring bankruptcy in the Fremantle area for a number of years so phone us today on 1300 818 575 in order to get some understanding on this issue. We exercise the most suitable possible strategy for you in order to get back up and running, getting rid of remaining effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills specialising in Section 73 proposals, we can integrate this with our proven strategies and approaches to bring you through bankruptcy unscathed, ready to start over.

Initially, having your personal bankruptcy annulled is practically reversing it 100%. So if you are really considering having your bankruptcy annulled there are a handful of things you will have to know.

Firstly, just how does the annulment work? A easy way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you 1 cent back for years. Then to make matters worse you find out that they are declaring bankruptcy. You would kiss that money goodbye, right? Years pass and they come to you with an deal to pay you $5,000 that their grandparents are offering to them to resolve your debt with them. Undoubtedly you are thrilled to take it, because it is much better than nothing. The only condition they request in return is that you consent to have the bankruptcy cleaned from their record, and if you don’t agree to do that then there will be no $5,000. Obviously you do not care about their credit file; you are just delighted they are offering you some money after all these years.

In bankruptcy terms this approach is usually called a Section 73 proposal, and it is usually an approach where ‘everybody wins.’

Essentially, the trustee reaches out to your creditors, shows your offer, which is drastically less than the starting debt owed, on the condition they clear your credit file clean.

This method takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you will have to consider the right time of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. As an example, if you are repaying money to the trustee each week because you earn over the threshold amount, then your creditors will know they are going to acquire a certain amount from you over the 3 years anyway so it better be more than it will add up to.

similarly, If you have basically been bankrupt three weeks it will definitely be more difficult to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.

If you want to get support to put a section 73 proposal to your trustee or simply just need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.

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Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you experience the pain of declaring bankruptcy, but it is really not a problem. If you are locked into one of these and just aren’t able to get on top give us call at 1300 818 575.

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There really are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, ultimately, money owed to an insurance company as a result of a car accident in an without insurance while you were driving.

Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. In reality, there are a lot of factors to list so if you have a certain debt you are worried about just call for a free consult 1300 818 575.

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You can’t declare bankruptcy for an amount under $5,000; however, there is no limit above that. If you owe a few million dollars, that’s managed no differently than $20,000.

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An unsecured creditor is a lender who does not really have a hold over the chattels/assets/property acquired with the credit afforded to you. These types of debts include credit card debts.

A secured creditor has a hold over the chattels/assets/property until the debt is paid out fully. If a debtor defaults on a secured debt, the creditor has the right to reclaim and sell the chattels/assets/property to pay for the debt.

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We have helped lots of people undergo the process of declaring bankruptcy over many years and we have certainly never had anybody’s application rejected. That’s the reason why we provide a 100% money back guarantee.

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There is a essential method we use here before declaring bankruptcy and all you must do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be able to get you a copy for a small fee.

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Car accidents may be tough, so to keep it straightforward call us on 1300 818 575 in order to get the correct advice on your circumstance. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a motor vehicle that was not insured then the price of the repairs is not eliminated with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was generally at fault. If you head to court and the court proves you were not at fault then you should be fine.

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Yes! We can really help you do this, though it is actually possible there are actually consequences and plenty of regulations around this process, so phone us and we will guide you through the procedure on 1300 818 575. Bankruptcy Experts Fremantle are pros at assisting companies get back on their feet.

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Yes. Generally there is an strategy to follow, but if you win lotto or inherit some cash you can use it to get your record wiped clean. There is really a way of carrying this out correctly; just contact us first.

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Normally, if you owe money to a lender they can get a court order and even bankrupt you. They will have to follow a process, but it is possible. What you have to avoid at all costs if possible is other people bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you enjoy going to court and annoying phone calls, of course.

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You bet. However, this is actually a challenging process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it might be disastrous. For a free consultation call Bankruptcy Experts Fremantle 1300 818 575.

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No, we do that for you. Actually, we work as a buffer or a midway point in between you and your creditors. So ultimately you are not obliged to advise them of your bankruptcy; we deal with that for you.

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Three Years.

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Generally, it takes around 2 weeks.

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Yes. Generally a lender will go after the other person that signed the loan documents with you for the sum total of the remaining money owing on the loan.

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Don’t stress! If you missed a debt and remember it later, just contact your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and any account or reference number/s provided by the lender. Your trustee will add the creditor to your bankruptcy and give a notification to the creditor.

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No. We handle the entire process for you.

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Usually this is not a dilemma, so if you are actually a gambler, don’t worry. What the trustee won’t like is inconsistency here. Put simply, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might have some explaining to do, of course, because it just does not add up and looks suspicious.

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Yes. We understand that you are busy. If you have a phone we can support you; simply give us a call on 1300 818 575.

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Yes. This is actually quite possible. It requires some emails back and forth but it can be done.

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Yes. In the event that a person actually living in another country is now residing in Australia then files for bankruptcy and they have a debt incurred in that foreign country, you just specify that liability on the papers.

Most of the time the creditor internationally will erase the debt. It is entirely possible and legal for them, however, to refuse your application, and if you go back to that country you may go through their bankruptcy laws.

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There are a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them know when we do the documents. There is also a government website which has major assets listed also. You should certainly get some advice about assets; take care.

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This is complicated and you are going to want the best support, so if you need extra information about inheritances give us a call on 1300 818 575.

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No. The income thresholds are the same for everyone so no matter how you make your income you will have to earn about $50,000 annually before your income will be affected by bankruptcy.

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You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will take your tax return. The explanation for this is because your income tax return is considered as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you really did not have those additional debts then you will get your whole tax return back.

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If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax and after that child support is considered net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, but it’s not a great idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them off you, as they are deemed an asset.

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You can keep just about everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and vehicles may be able to be saved. Simply just contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Fremantle.

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