Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business credit debts getting out of control?

Are your personal or business credit debts getting out of control?

We provide straight-forward bankruptcy assistance. At Bankruptcy Port Macquarie we are aware that the very thought of bankruptcy is scary, and if it becomes a reality it is extremely chilling. We understand that you are truly feeling very overwhelmed, cornered or even like you have zero alternatives left, therefore we really want to help assist you through the process.

But here’s the thing – you’ve pretty much endured the hardest aspect of the process – you have taken that first step towards setting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is simply to figure out if bankruptcy is truly right for you. There is definitely a few factors you should know even before making that choice so we recommend that you continue browsing around this site, it’s full of great information, or you can simply grab the phone and give us a ring on 1300 818 575.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Are your personal or business debts getting out of control?

At Bankruptcy Adelaide we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 818 575.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

You Can Be 100 % Debt Free!

Can you imagine a future without lenders’ attacking phone calls as well as looking forward to the mail once more? There certainly are a few things you need to know before you make that tough choice. Firstly, the faster you take steps then the more options you are going to have.

5 Questions you need to answer before you declare yourself bankrupt.

There are 5 crucial problems you need to have an solution to before you declare bankruptcy. If you need to know what exactly they are, feel free to download our free e-book on the right hand part of the page. This e-book will focus on these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Get your FREE copy of the Big 5

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie










* We pledge 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 further and that’s it.

Insolvency Options

Is Going bankrupt my only real option?

No! There certainly are a few options available to you. Listed here is a chart illustrating the strengths and problems of the various debt alternatives offered. This graph is really by absolutely no means an full-scale resource, but it will enable you to make a well-informed choice.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What exactly is a Personal Insolvency Agreement?

This is an adaptable agreement between you and your lenders. It is handled through a trustee who supervises how much you will need to pay and when you have to pay. Once those conditions have actually been met you are then free to begin again with a new beginning.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What is a Debt Agreement?

A debt agreement permits a debtor to take part in an plan with their creditors to pay off their financial obligations without being made bankrupt.

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

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Adelaide area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Should I consider a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the best plan. Usually the problem with them is that all it is really doing is packaging 5-15 various debts into one enormous debt. If you are battling to pay all your various loans now, then why do you think it will be amazingly easier to get one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make everything more upsetting you typically have 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 considerable issue for you then the most efficient way in order to get the solution is to call us here at Bankruptcy Experts Port Macquarie on 1300 818 575 and after we have an understanding about your situation we can provide you a clear picture over the phone. Practically everyone is on an emotional level 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 commonly think it’s an unescapable effect of bankruptcy and for that reason they press themselves to the brink of madness to not give up the family home.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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

Why would the bank like bankrupt customers? Wouldn’t they need to sell your property and not take the chance? Bear in mind – the bank that has generously 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 maintain up to date with your monthly payments then the bank would like you in there at all costs. On the other hand it is normally not the bank’s call – if a trustee thinks that there is sufficient equity in your house the trustee will force you and the bank to sell off your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your payments then the most notable issue is equity. A trustee has a job to gather up as much money in order to help pay your debts once you go bankrupt. Equity is the key here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a manner to pay your debt therefore they will sell your house to settle the debt and give you whatever money remains from the sale.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

How is equity determined?

Some people are not quite clear about just what equity is, as well as how it is worked out– but it is truly essential to figure out given that if you get it, it can mean the big difference between keeping and losing your house. There are a few things you have to know here. Firstly, your gut instinct or assumption about the true worth of the home is probably far too generous. Many people assume their home is worth much more than it really is.

Secondly, when you apply for insolvency the trustee may ask how you determined your price for the home. In some cases they will call for more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A simple tactic would be to look on www.realestate.com.au then click on the ‘Sold’ tab on that site and look for latest house sales in your community or area. This will help you have some concept of the reality of the marketplace right now. Bear in mind, the assessment is based on a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you truly want a good idea, I would certainly advise 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 much better awareness for your home’s worth. Recognizing this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

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

Let’s say Mick and Susie bought a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a plumber and has to go bankrupt but Susie has a good job teaching primary school and doesn’t need to go bankrupt.

Sadly, the house has not increased in price in the 4 years they have owned 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 manage to keep paying the mortgage, rates etc. they may continue to keep the house for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to declare bankruptcy also. There is a lot to think about when it comes to homes and bankruptcy so if you have concerns don’t wait to call us about your house on 1300 818 575.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Suppose if My Home has too much Equity what can I do?

If your house has a lot of equity and you are still drowning in debt, there are still several options available to you– it can be complicated, but the important step is to speak with an expert to try and get ahead of it. In fact, this applies to 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 just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! Before you take your next step get some advice. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my workplace be advised?

Generally there is no reason for your employer to be advised of your bankruptcy. In instances where you earn over 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 through your boss.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. Individuals that see your credit file while youre bankrupt. 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 apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

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

Will I lose my job if I declare bankruptcy?

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

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What we would definitely suggest is that you do your own research here. It will make a big difference if you investigate this process prior to filing for bankruptcy considering that may help you decide. Check if your job is on the chart below. If it is, we recommend talking with them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious practices. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Port Macquarie on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

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

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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 pay attention now. Since March 2016 there have been changes to the Income Threshold amounts. This signifies that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are taken off. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be controlled to take into account things like salary sacrifice and significant superannuation payments etc. Your net income might also enable more unusual costs sustained as a result of being employed. For instance, if you are subjected to an unusually high amount of travel charges to get to and from your job this can often also be taken into consideration. Your bankruptcy trustee will have to ascertain your real net income, according to the bankruptcy rules.

The income threshold figures are also per person and are set up by the Government each and every March and September to permit the movement in the cost of living.

Exactly What can my spouse make if I go bankrupt?

There is no limit to exactly what your spouse/partner can earn. There are a few implications that have to be thought about in some scenarios, but most of the time your partner is an entirely distinct legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are unsure just give us a call on 1300 818 575.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Who is considered a dependent?

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

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

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

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Self Employment & Bankruptcy

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Will I forfeit my small business if I go bankrupt?

The basic answer is no, you do not have to but you do need to get the correct guidance. Business insolvency laws are very entailed and you should tread diligently 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. Even so, that does not 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 combination of individual and business debts then it is generally possible to have most, if not all, of the debts erased with bankruptcy. Keep in mind this is a complicated process and needs special attention. The reality is, personal bankruptcy doesn’t automatically signify business bankruptcy also.

Whether you run your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Don’t hesitate to contact us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Should I place my company into liquidation?

Among the main reasons you might wish to think about 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, small businesses that become insolvent have a few choices, for instance, liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my business?

There are limits for small business owners that are bankrupt. Such as, as a bankrupt company owner you could be in your own business as a sole trader only. For some small business owners, bankruptcy can affect their ability to operate the business as a result of the licensing problems. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years he or she is bankrupt.

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

Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie
Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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 company owner. You can not run up heaps of debt in your company, then go bankrupt and after that open the doors the next day like nothing has happened. There are laws in place to stop these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Port Macquarie today on 1300 818 575.

Our Clients

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce scelerisque nibh et neque faucibus suscipit. Sed auctor ipsum ut tellus faucibus tincidunt.

Copyright © 2016 Bankruptcy Port Macquarie.