How Our People Can Assist You
Bankruptcy Fremantle can guide you with anything which you want to learn about declaring bankruptcy. Everyone’s scenarios are different and need a skillful alternative. We have set the six highest commonly asked questions on this page so you may gain a fast and painless answer. Should you require additional detailed information continue on through our website or simply call us on 1300 818 575.
The idea of losing the family home is the primary reason why people hold off declaring bankruptcy and push the matter to the back of their thoughts. The question that almost everyone will need to know when thinking about going bankrupt is if they could retain their family house? The answer is YES in most cases.
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To keep it uncomplicated its really regarding the equity you have in the property, or to puts it simply what amount your home is worth beyond the home loan amount. If your home has very little to no equity in it, at that point it is most likely you may maintain your household so long as you always keep paying off the mortgage loan, rates etc.
Normally there is even more to this tale and you may have other questions, so don’t hesitate to contact us on 1300 818 575, to receive the correct help you really need about your property.
The next frequently asked question is if you can keep your vehicle if you are insolvent? The answer to this in some cases is YES! Simply put if your motor vehicle is presently on finance and you are able to continue to maintain the monthly payments its very likely you will certainly manage to retain your car.
If you own your car straight-out and have no loan then you can easily possess a vehicle as much as the wholesale worth of $7,500.
If both of these two situations don’t apply to your vehicle then call us on 1300 818 575.
Could I lose my business organisation in the event that I declare bankruptcy? The reply in many cases is NO! You can retain your business and file for personal bankruptcy. This is possibly the most intricate feature of any kind of insolvency. The bottom line is the government does not wish you to become jobless and bankrupt so as a result you can carry on as a self employed individual as a sole trader once you are bankrupt. You can not be the director of a company for the 3 years you are bankrupt. If you have your very own business and need to apply for insolvency then give us a call on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans a lot of the time you don’t have to repay the debt unless you earn over specific amounts of income. As an example if you make under $1,050.00 every week in the hand or after tax (net) for the 3 years you are insolvent then you would never pay a cent to the financial obligation. If you pay child support or have dependent children then you can earn more. There is a table on the bankruptcy page of this site with better detail should you need to know more.
My Credit File
Is my credit rating damaged for life? Answer is NO! Your credit rating is basically destroyed for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are plenty of financial institutions that can help you get a home loan or a loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time frame.
How Much will it Cost
Of course this is not an easy one to answer, as every single case we take up is different. Having said that, in some cases we will help you declare insolvency at no charge. That’s right. If we can assist you make it happen for FREE then we will certainly guide you. In some cases that are easy it will cost $395. There are much more complex circumstances where the price is more. If you need to get an idea on what your situation will be priced at just give us a call on 1300 818 575.