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

Are your personal or business debts getting out of control?

Are your personal or business debts getting out of control?

We provide straight-forward bankruptcy information. At Bankruptcy Northern Rivers we recognize that the very thought of bankruptcy is terrifying, and if it becomes a reality it is downright frightening. We know that you are truly feeling very overwhelmed, trapped and even like you have absolutely no alternatives left, and so we would like to help advise you through the process.

However, here’s the thing – you’ve actually gone through the hardest part of the process – you have actually taken that primary 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 truly to figure out if bankruptcy is truly right for you. There is certainly a few details you should know before making that choice so we recommend that you continue searching around this site, it has plenty of great information, or you can just simply grab the phone and give us a call on 1300 818 575.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Are your personal or business debts getting out of control?

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You Can Be 100 % Debt Free!

Can you picture a future free from financial institutions’ distressing phone calls as well as looking forward to the mail once again? Certainly there are a couple of things you should know before you make that hard choice. Firstly, the earlier you take action then the more choices you are going to have.

5 problems you ought to answer even before you declare yourself bankrupt.

There are 5 critical problems you should have an response to before you declare bankruptcy. If you wish to know what exactly they are, feel free to download our free e-book on the right hand side of the web page. This e-book is going to address these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

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Get your FREE copy of the Big 5










* We pledge not to barrage you with e-mails and phone calls when you apply for our free e-book. In fact, we vow to only call you once to see if we can help you even more and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There are a number of options available to you. Listed here is a chart detailing the perks and disadvantages of the different debt solutions available. This diagram is certainly by absolutely no means an extensive resource, but it will help you to make a well-informed choice.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Just what is a Personal Insolvency Agreement?

This is an adaptable deal amongst you and your lenders. It is regulated through a trustee who governs how much you will need to pay and when you have to pay. Once those circumstances have actually been met you are generally then free to start out again with a new beginning.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

What is a Debt Agreement?

A debt agreement helps a debtor to enter into an agreement with their lenders to settle their financial obligations without being made bankrupt.

You cannot become part of a Debt Agreement if you have been bankrupt, or if you are currently 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 please call us on 1300 818 575.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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.

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Should I look at a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the best strategy. Usually the problem with them is that all it is really doing is wrapping 5-15 different debts into one sizable debt. If you are fighting to pay all your different loans now, then why do you presume it will be magically simpler to get one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make it all even worse you usually will have to pay up front for the ‘ luxury’ of this option. If you want 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 file for bankruptcy can I keep my house?

In a lot of cases the answer is yes. If this is a serious concern for you then the most efficient way to get the answer is to contact us here at Bankruptcy Experts Northern Rivers on 1300 818 575 and when we have an understanding about your situation we can give you a clear picture over the phone. Practically everybody is sentimentally connected to their house; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People frequently think it’s an inevitable effect of bankruptcy and for this reason they pressure themselves to the verge of madness to not lose the family house.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

Why might the bank want bankrupt customers? Wouldn’t they choose to sell your home and not take the risk? Bear in mind – the bank that has generously lent you the money for your house is making good money every month in interest from you, month in and month out. So long as you maintain up to date with your monthly payments then the bank wants you in there at all costs. Nonetheless it is normally not the bank’s call – if a trustee concludes that there is sufficient equity in your house the trustee will compel you and the bank to sell your home.

What aspects would contribute to losing the house?

Equity! If you are up to date with your payments then the most substantial issue is equity. A trustee has a duty to collect as much money to help pay off your bills 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 repay your debt therefore they are going to sell your home to pay off the debt and give you whatever money remains from the sale.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

How is equity determined?

Most people are not sure about just what equity is, or how it is determined– but it is absolutely crucial to find out given that if you understand, it can mean the difference between keeping and losing your home. There are a few things you should understand here. To start with, your gut reaction or assumption about the real value of the home is most likely far too generous. The majority of people assume their home is worth much more than it really is.

Secondly, when you file for insolvency the trustee may question how you determined your value for the house. In some cases they will call for more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A simple method would certainly be to look on www.realestate.com.au then select the ‘Sold’ tab on that website and search for current house sales in your community or area. This will help you have some concept of the reality of the market right now. Bear in mind, the assessment is based upon a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you truly want a good idea, I would undoubtedly recommend getting a valuer and asking them to give you 2 values for your house, one as a regular sale, and the other as a ‘quick sale’. This will give you a far better appreciation for your home’s worth. Knowing this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What happens if my Partners name is on the Home Loan?

Typically when a couple purchase a home one income will not be enough to get the loan, so the bank/lender will have both partners sign up for the loan. When 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 a plumber and has to go bankrupt but Susie has a good job teaching primary school and doesn’t have to go bankrupt.

Sadly, the house has not increased in value 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 home worth $400,000.

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

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

If your property has lots of equity and you are still drowning in debt, there are still a few possibilities readily available to you– it could be complicated, but the crucial step is to speak to an expert to try and get ahead of it. In truth, 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 informed?

Often there is actually no good reason for your boss to be advised of your bankruptcy. In situations 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 workplace.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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 Northern Rivers, we are completely conscious that there is still a stigma connected to bankruptcy. We understand this worry 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 kind of failure. We can help ensure that bankruptcy is short and easy. In fact, the entire process will only take a few days. It makes it possible for the typical 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.

Will I lose my job if I file for bankruptcy?

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

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What we would absolutely propose 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 really help you decide. Check if your job is on the diagram below. If it is, we recommend talking to them personally and explaining your issue. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Northern Rivers on 1300 818 575.

Bankruptcy Income Thresholds

What amount can I make when I’m bankrupt?

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

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you need to know what is happening then focus now. Since March 2016 there have been adjustments to the Income Threshold amounts. This suggests 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, of course, it’s also net (after tax) of business spending, which is typically calculated annually.

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

The income threshold figures are also per person and are established by the Government each and every March and September to allow for the movement in the cost of living.

Exactly what can my partner earn if I go bankrupt?

There really is no limit to exactly what your spouse/partner can earn. There are a few implications that must be considered in some circumstances, but most of the time your partner is a completely different legal entity and will not be impacted 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 uncertain just contact us on 1300 818 575.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Who is thought of as a dependent?

This could be anyone, of any age, that lives with you and earns under $3,343 per year. If, in the case you have a young child or children that you give child support for and they do not 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.

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Self Employment & Bankruptcy

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Can I lose my small business if I go bankrupt?

The simple answer is no, you really don’t have to but you do need to get the appropriate guidance. Company insolvency laws are very involved and you ought 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 definitely mean you can’t run your very own business and employ staff etc.

What happens if I have both Business and Personal Debts?

If you are a business owner and you have a mix of personal and business debts then it’s possible to have most, or even all, of the debts wiped out with bankruptcy. Bear in mind this is an intricate process and requires special attention. The truth is, personal bankruptcy doesn’t automatically suggest company bankruptcy as well.

No matter if you operate 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 obligation FREE consultation.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Should I place my company into liquidation?

Among the main reasons you might wish to think about liquidation as opposed to bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, small businesses that become insolvent have a few alternatives, just like 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 rules for small business owners that are bankrupt. For instance, as a bankrupt business owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can have an effect on their ability to operate the business due to the licensing problems. For instance, a builder with a builder’s license can not continue to use that license for the 3 years he or she is bankrupt.

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

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Isn’t it illegal to run a verysimilar 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 and after that open the doors the next day like nothing at all has happened. There are laws in effect to avoid these ‘Phoenix companies’ rising up 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 correct advice by calling Bankruptcy Experts Northern Rivers today on 1300 818 575.

Our Clients

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