41. How Much Can a Dependant Earn If I Go Bankrupt?
How Much Can a Dependant Earn If I Go Bankrupt?
A dependant in your household can make up to $3642 if you are bankrupt. Should a member of your household earn over this, no matter how old they are, they will cease to be considered a dependant and this will have ramifications on the amount of money you can earn as a bankrupt. To find out more on families and bankruptcy ring us on 1300 795 575.
42. Can I Keep My Tools of Trade If I Go Bankrupt?
Can I Keep My Tools of Trade If I Go Bankrupt?
When bankrupt you have the ability to keep your tools of trade up to the value of $3750 to allow you to keep working. This amount is not the replacement cost of the tools but the value of them if you were to sell them in their present condition. So, tools that are well used and a number of years old are not going to be anywhere near the value of what you paid for them. For more information on bankruptcy in NSW and how it impacts your work call Bankruptcy Port Stephens on 1300 795 575.
43. How Can I Avoid Bankruptcy? What Are My Options?
How Can I Avoid Bankruptcy? What Are My Options?
Depending on your circumstances you may or may not have the ability to avoid bankruptcy. Looking at your specific circumstance we can look at your debt troubles and recommend you how to move forward either with advice on how to fix your debt problems or, if required, help you through the bankruptcy process. Each case is unique and each requires a different solution. For a complimentary initial consultation call Bankruptcy Port Stephens on 1300 795 575.
44. How Hard Is It to Travel Overseas While I'm Bankrupt?
How Hard Is It to Travel Overseas While I’m Bankrupt?
Travelling overseas while bankrupt should not be big issue. As long as you are up to date with your compliance, have completed the online application and paid the $150 fee, your request to travel should be authorized in a couple of weeks. There are some situations that might create problems with travel which we can help you with by calling 1300 795 575.
45. What If My Business Has Not Done Tax Returns Can I Still Go Bankrupt?
What If My Business Has Not Done Tax Returns Can I Still Go Bankrupt?
If your business has not done tax returns, even for a number of years, you are still able to go bankrupt. The process is not as straightforward if your taxes are not up to date but unpaid tax does not disqualify you from becoming bankrupt. Bankruptcy Port Stephens can direct you through the, sometimes, complex pathways resulting from unpaid taxes to ensure your bankruptcy process is as smooth as possible. To discuss your options call us on 1300 795 575.
46. Should I Talk to My Accountant or Solicitor?
Should I Talk to My Accountant or Solicitor?
There is absolutely nothing wrong with speaking to your accountant or solicitor about bankruptcy they may well have extremely sound advice. We have, however, found over the years that many accountants and solicitors may not have a good deal of experience in bankruptcy and insolvency. Here at Bankruptcy Port Stephens we do five to ten bankruptcies every week and have a great knowledge of all steps of the process. For free advice from our experienced team call us on1300 795 575.
47. How Long Can I Stay in My House After I Go Bankrupt?
How Long Can I Stay in My House After I Go Bankrupt?
How long you can stay in your house is decided by your bank not by the bankruptcy process. The time you can stay in your house can be as little as thirty days or up to six months depending upon your circumstances. Call us on 1300 795 575 to find out more.
48. How Much Can I Have in Savings While I'm Bankrupt?
How Much Can I Have in Savings While I’m Bankrupt?
Yes, you can save money while you are bankrupt as long as it is disclosed as part of your earnings. The bankruptcy trustee will have all the details of what you make, if you choose to spend or save your money is totally up to you. Contact us on 1300 795 575 for more detailed information on savings.
49. What Are the Long-Term Consequences of Bankruptcy?
What Are the Long-Term Consequences of Bankruptcy?
There is actually only one long term consequence of being bankrupt. You will be recorded for the rest of your life on the National Insolvency Index which is a government site cataloguing all bankrupts. Access to this pay to view site is not freely accessible to the general web surfing public. Any references to bankruptcy do not remain on your credit file after five years. To learn more about the consequences of bankruptcy call Bankruptcy Port Stephens on 1300 795 575.
50. What Would Stop Me Travelling Overseas While I'm Bankrupt?
What Would Stop Me Travelling Overseas While I’m Bankrupt?
The only thing that might stop you from travelling overseas while bankrupt would be if you have not been compliant with all requirements in the bankruptcy process. As long as all your paperwork and compliancy is up to date and the trustee is notified of your plans with the proper forms completed, you are free to take a trip. To learn more on travelling while bankrupt ring us on 1300 795 575.
51. Can I Keep My Mobile Phone Plan While Bankrupt?
Can I Keep My Mobile Phone Plan While Bankrupt?
Yes, you can keep your mobile phone plan while bankrupt. Your mobile phone plan and phone number are unaffected by bankruptcy as long as you continue to fully pay your providers bills. Call Bankruptcy Port Stephens if you have concerns regarding your mobile phone during bankruptcy on 1300 795 575.
52. Do I Need to Contact My Creditors Once I'm Bankrupt?
Do I Need to Contact My Creditors Once I’m Bankrupt?
No, you do not have to get in touch with your creditors if you go bankrupt. Contact with creditors in NSW is all managed through the bankruptcy process and is carried out in writing. Contact with and repayments to creditors prior to bankruptcy can be filled with potential risks. Our recommendation is to call us at Bankruptcy Port Stephens on 1300 795 575 prior to talking to your creditors to prevent the distress and possible repercussions associated with creditor communication.
53. Why Does the Advice Vary so Much Online?
Why Does the Advice Vary so Much Online?
Bankruptcy advice online can vary considerably and this is due to the variety of differing industries associated with the process. Financial advisors tend to highlight the products that they offer with companies that specialise in debt consolidation recommending debt consolidation loans and specialists in liquidation proposing liquidation. At Bankruptcy Port Stephens we provide a totally free initial consultation where we can discuss your circumstances and in a lot of cases our suggestion is that the best option for you is not bankruptcy. To discuss how we can help you call us on 1300 795 575.
54. The Biggest Regret My Clients Have When Filing for Bankruptcy
The Biggest Regret My Clients Have When Filing For Bankruptcy
For lots of people their greatest regret is not actually going bankrupt, but not going bankrupt earlier. Debt can be a stressful and emotional rollercoaster frequently bringing individuals to the limits of their endurance.
Bankruptcy for many can be the release they require to keep going. If you are struggling under debt pressures phone Bankruptcy Port Stephens on 1300 795 575 to discuss if bankruptcy could be the right option for you.
55. Will All of My ATO Debts Be Removed?
Will All of My ATO Debts Be Removed?
Yes, your ATO debts will be wiped out when you become bankrupt. Any GST, payroll tax, superannuation and general tax debt is all cleared up to the day you are declared bankrupt. There are some debts that this does not apply to so for more clarification on these please call us on 1300 795 575.
56. Why Choose Bankruptcy Experts?
Why Choose Bankruptcy Experts?
At Bankruptcy Port Stephens we offer you a bankruptcy service that has supported thousands of people in NSW over many years. Our personalised and experienced service will help you through the entire 3 year process. We do not abandon you once your application has been lodged but continue to help you to make sure that all paperwork and compliance is completed. For the right advice on bankruptcy ring us on 1300 795 575.
57. The Big 5 Questions About Bankruptcy
The Big 5 Questions About Bankruptcy
The Big 5 Questions About Bankruptcy
1 Is bankruptcy right for me? We give you all the options so you can make an educated choice on bankruptcy.
2. Will I lose my home? The more equity you have in your home the more difficult it will be to keep when bankrupt.
3. Will my job be affected? In most cases your job will be unaffected unless you have particular job specific licenses or qualifications which might be cancelled.
4. Can I keep my car when bankrupt? Like a house the less equity you have in your vehicle the more likely you will manage to keep it. You may keep any vehicle with equity valued under $7900.
5. How much can I earn when bankrupt? If your income is under $1100 per week it will not be impacted. Over this there might be consequences depending on your circumstances.
Bankruptcy Port Stephens can answer any questions you have relating to bankruptcy in NSW so call us on 1300 795 575.
58. Bankruptcy Term 3 Years To 1
Bankruptcy Term 3 Years To 1
Only the government know if the bankruptcy term will be reduced from 3 years to 1 year. It has been some time since they initially looked at this and there has been no real outcome. For now, it remains at three years and is most likely to in the immediate future. To learn about any developments concerning bankruptcy phone us on 1300 795 575.
59. Will I Go to Jail or Court If I Go Bankrupt?
Will I Go To Jail Or Court If I Go Bankrupt
As a general rule you do not go to prison or go to court if you go bankrupt. Creditors can take you to court before you declare bankruptcy but not when you are declared bankrupt. You are only likely to go to jail if there is fraud or other extenuating legal circumstances involved in your bankruptcy. To discover more phone us on 1300 795 575.
60. When Will I Qualify for A Loan Again After Bankruptcy?
When Will I Qualify for A Loan Again After Bankruptcy?
As soon as you have been discharged from bankruptcy you will qualify for a loan again. You can make an application for a secured car or home loan straight away. There are some products like credit cards and unsecured loans that you will need to continue to wait for five years until your credit rating is clean. To find out more call Bankruptcy Port Stephens on 1300 795 575.
61. Should I Put My Company into Liquidation?
Should I Put My Company Into Liquidation?
If your company is in debt there is no clear answer as to whether you should put your company into liquation. There are a lot of elements to think about with liquidation especially if you have personally guaranteed any loans or leases. Bankruptcy Experts Port Stephens can make sure you have all the facts for an educated decision, call us on 1300 795 575.
62. Will I Still Be Able to Rent a House While Bankrupt?
Will I Still Be Able to Rent a House While Bankrupt?
Yes, you are able to rent a place while bankrupt. There is no reason that as a bankrupt you should not be able to rent other than not having good rental references or having rent still owing on a previous rental. It is unusual to be asked if you are bankrupt when applying to rent. To get more information on bankruptcy call us on 1300 795 575.
63. Why Would My Bankruptcy Be Extended To 5 or 8 Years?
Why Would My Bankruptcy Be Extended To 5 Or 8 Years?
Yes, in NSW your bankruptcy can be extended, past three years, if you fail to adhere to bankruptcy rules and do not provide required documentary evidence. Becoming bankrupt is just the first stage, there are lots of things that need to be done throughout your bankruptcy. Here at Bankruptcy Port Stephens we continue to help you with all the bankruptcy requirements to ensure it is all over in 3 years. For more on how we can help you call 1300 795 575.
64. Must My Tax Returns Be up to Date to Go Bankrupt?
65. Will Bankruptcy Remove My Mortgage Shortfall?
Will Bankruptcy Remove My Mortgage Shortfall?
Yes, bankruptcy will remove your mortgage shortfall. Should your bank sell your home or car the remaining debt is reclassified as unsecured debt which is removed when you end up being bankrupt. For more information call us on 1300 795 575.
66. Will the Bankruptcy Term Be Reduced to 1 Year?
Will the Bankruptcy Term Be Reduced to 1 Year?
No one, at this stage, knows if the bankruptcy term is going to be reduced to one year. Although it has been talked about and a draft proposal put to parliament, nothing has yet happened. Whether it will in the future we simply do not know. For the most current information and facts on bankruptcy phone Bankruptcy Port Stephens on 1300 795 575.
67. What Are My Legal Obligations While I'm Bankrupt?
What Are My Legal Obligations While I’m Bankrupt?
In NSW, your legal obligations while bankrupt will depend a lot on your circumstances. You will be required to provide evidence, income and documentation. An annual survey will need to be completed outlining your actions throughout each year and as long as you remain compliant and complete all documentation your bankruptcy will only last 3 years.
To learn more on how we can assist you call Bankruptcy Port Stephens on 1300 795 575.
68. Will All of My Debts Get Removed?
69. I Have A Large ATO Debt Can I Still Go Bankrupt?
I Have A Large ATO Debt Can I Still Go Bankrupt?
If you have a large ATO debt you really should do something about it before the ATO do. When your ATO debt is big, it is likely the ATO will take action against you which involves going to court. This can be a rather traumatic experience. Call Bankruptcy Port Stephens, 1300 795 575to avoid the stress and discuss your alternatives.
70. Thinking of Bankruptcy How We Can Help?
Thinking of Bankruptcy How We Can Help?
At Bankruptcy Port Stephens there are a lot of ways in which we can help you. We are able to advise you on many of the most commonly asked questions
o Can I still travel overseas?
o What will happen to my house?
o Will I be able to keep my car?
o Can I still be self-employed while bankrupt?
o How much can I earn when bankrupt?
o Will my employer be told I am bankrupt?
For detailed answers to these and other questions give us a call on 1300 795 575.
71. What Is the Bankruptcy Process?
What Is The Bankruptcy Process?
At Bankruptcy Port Stephens the bankruptcy process is quite simple. When you call us we will discuss your predicament and make sure that bankruptcy is the right option for you. We will then send you a tax invoice and a detailed outline of exactly how we will help you over the next 3 years of bankruptcy. When payment has been made you complete a detailed questionnaire and after further discussions, we lodge your application. Within a week or two you will be bankrupt. If you have questions or wish to begin the bankruptcy process contact us on 1300 795 575.