How We Can Help You
Bankruptcy Bendigo can help you with everything that you would like to know about going bankrupt. Everyone’s circumstances are unique and require a professional solution. We have put the six most frequently asked questions on this page so you can get a quick and easy answer. If you need more details continue on through our website or simple call us on 1300 818 575.
When considering bankruptcy, one of the first things people think about is the possibility of losing the family home. Where will you live if you don’t have the home anymore? The truth is, in most cases, you can keep your family home.
It all comes down to the equity you have in the home, or rather, how much your house is worth above the mortgage amount. If you have little to no equity in the home, you may still be able to keep the home so long as you can keep paying the mortgage and other bills such as council rates, etc.
Of course, there are plenty of aspects associated with keeping your home, so feel free to call us on 1300 795 575 to get the exact advice that you need.
If you really need your car, whether it is for work or family commitments, will you still be able to keep it if you go bankrupt? The answer in most cases is YES. If your car is currently financed and you can keep up with the repayments, it’s quite likely that you can keep your car.
If you own the car, you can own a car up to the wholesale value of $7,500. If you’re in a slightly different situation or would like to know specifically about your own circumstances, it is best to give us a call on 1300 795 575.
Are you a business owner and worried about losing your business? If you go bankrupt, chances are you won’t lose your business. This potentially is the most complicated aspect of going bankrupt, but it doesn’t need to be. In short, the government doesn’t want you to be unemployed and bankrupt, so it makes more sense for you to be able to remain within your business.
You can generally continue working as a self-employed individual, functioning as a sole trader after becoming bankrupt. You cannot, however, be the director of a company for the 3 years that you are bankrupt. If you own a business and would like some help with your bankruptcy, call us on 1300 795 575.
Unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans, with bankruptcy you usually don’t need to pay back the debt. This is unless you earn over certain amounts of income. As an example if you earn under $1,050.00 per week after tax (net) for the 3 years you are bankrupt, you will never pay a cent towards the debt. This amount then increases if you pay child support or have dependent children.
If you want to know more about income amounts, there is a table on the bankruptcy page of this website with greater detail.
My Credit File
Many people think that applying for bankruptcy means you will have a damaged credit rating for life. Truth is, you won’t. The first 3 years you are bankrupt are the most challenging years. After these first 3 years, you are then known as a “discharged bankrupt.
There are lenders out there who will help discharged bankrupts to obtain loans. However, after 5 years (or 2 years after you are a discharged bankrupt) you will then go back to a perfect credit rating again.
How Much will it Cost
Each case we take on is different, so there isn’t a simple answer to this. However, if there’s a way that we can help you to go bankrupt for free, then we will help you free of charge. That’s right! If there’s a way we can help you for free, we will do it for FREE. Most simple cases will cost $395, whilst more complex situations will be charged higher. If you’d like to get an idea of how much it will cost you, simply give us a call on 1300 795 575.