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 assistance. At Bankruptcy Newcastle we accept that the very thought of bankruptcy is distressing, and if it becomes a reality it is absolutely nightmarish. We know that you are truly feeling very overwhelmed, trapped and even like you have zero alternatives left, and so we would like to help walk you through the process.

However, here’s the thing – you’ve already gone through the most difficult aspect of the process – you have actually taken that initial step towards placing your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is literally to work out if bankruptcy is actually right for you. There is definitely a few things you need to know long before making that decision so we recommend that you continue browsing across this site, it has lots of great information, or you can just simply grab the phone and contact us on 1300 818 575.

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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 creditors’ distressing phone calls and looking forward to the post again? There actually are a few things you need to know before you make that difficult decision. First of all, the earlier you take steps then the more choices you are going to have.

5 Questions you must answer before you declare yourself bankrupt.

Secondly, there are 5 essential questions you must have an answer to before you declare bankruptcy. If you would like to know what they are, feel free to download our free e-book on the right hand side of this page. This e-book will address these big 5 questions specifically and give you peace of mind that you are doing the right thing.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Get your FREE copy of the Big 5










* We vow not to hound you with e-mails and phone calls when you register for our free e-book. In fact, we promise to only get in touch with you one time to see if we are able to help you even more and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There are various options available to you. Here is a chart describing the advantages and problems of the different debt solutions offered. This diagram is certainly by absolutely no means an exhaustive resource, but it will allow you to make a well-informed choice.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

What is a Personal Insolvency Agreement?

This is an adaptable understanding involving you and your creditors. It is regulated through a trustee who controls how much you need to pay and when you have to pay. Once those circumstances have been met you are generally then free to begin again with a new beginning.

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What is a Debt Agreement?

A debt agreement helps a debtor to enter into an plan with their lenders to satisfy their financial debts without being made bankrupt.

You cannot take part in 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 additionally 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.

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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 Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Should I consider a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the best plan. Usually the matter with them is that all it is really doing is packaging 5-15 different debts into one large debt. If you are battling to pay off all your various loans now, then why do you think it will be magically easier to get one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more upsetting you usually will need to pay up front for the ‘ luxury’ of this choice. 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 file for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a serious problem for you then the best way in order to get the answer is to contact us here at Bankruptcy Experts Newcastle on 1300 818 575 and as soon as we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically everyone 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 unavoidable repercussion of bankruptcy and as a result they pressure themselves to the brink of madness to not lose the family house.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

Why would the bank want bankrupt customers? Wouldn’t they prefer to sell your house and not take the chance? Remember – the bank that has kindly offered you the cash for your house is making good money each month in interest from you, month in and month out. As long as you always keep up to date with your repayments then the bank prefers you in there at all costs. Nevertheless it is usually not the bank’s call – if a trustee thinks that there is plentiful equity in your house the trustee will compel you and the bank to sell your home.

What things would contribute to losing the house?

Equity! If you are up to date with your monthly payments then the most important problem is equity. A trustee has a job to get as much money to help pay your debts once you go bankrupt. Equity is the key here. Supposing that 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 way to pay back your debt and so they will sell your house to repay the debt and give you whatever money is left from the sale.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

How is equity determined?

Most people are not quite sure about exactly what equity is, or how it is determined– but it is certainly essential to work out because if you understand, it can mean the huge difference between keeping and losing your home or apartment. There are a few things you ought to know here. To begin with, your gut reaction or expectation about the real worth of the property is perhaps far too generous. The majority of people assume their home is worth a lot more than it truly is.

Secondly, when you file for insolvency the trustee may ask how you determined your value for the home. In some cases they will want more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A simple method would certainly be to search www.realestate.com.au then click on the ‘Sold’ tab on that site and search for recent house sales in your street or neighbourhood. This may help you get some concept of the reality of the marketplace right now. Bear in mind, the appraisal is based on a quick sale not a slick real estate agent’s advertising campaign. So If you really want a good idea, I would likely suggest getting a valuer and telling them to give you 2 prices for the house, one as a regular sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Knowing this step is crucial, so get some advice before proceeding, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

Commonly when a couple purchase a home one income isn’t enough to qualify for the loan, so the bank/lender will have each partners sign up for the loan. Once your house is purchased both names are on the mortgage from the bank and the title deed of the property as joint tenants.

Let’s say Mick and Susie got a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a builder and needs to go bankrupt but Susie has a good job teaching high school and doesn’t have to go bankrupt.

Sadly, the house has not increased in price in the 4 years they have used it and they also have only just managed to pay interest on the loan during that time so basically they still have a $400,000 mortgage on a home worth $400,000.

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

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

If your house has a lot of equity and you are nevertheless drowning in debt, there are still various options readily available to you– it may be complicated, but the important step is to talk to a professional to try and get ahead of it. In fact, this concerns vehicles 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. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be informed?

Often there is simply no good reason for your workplace to be advised of your bankruptcy. In instances where you earn more than the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go through your job.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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 Newcastle, we are fully conscious that there is nonetheless a stigma attached to bankruptcy. We understand this problem and we can help to make sure 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 whole process will only take a few days. It makes it possible for the typical person to get away from 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 file for bankruptcy?

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

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What we would really propose is that you do your very own research here. It will make a big difference if you check out 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 suggest talking to them personally and explaining your issue. 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 Newcastle on 1300 818 575.

Bankruptcy Income Thresholds

How much money I earn 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 excess can be taken by the trustee to satisfy your creditors. This means that you cannot be refusing to pay your debts and still take home a 6 figure salary– it just wouldn’t be fair to the individuals you owe money to. So just how much can you make before you start paying back money to your creditors via your trustee?

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you have to know what is taking place then pay attention now. Since March 2016 there have been alterations 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 removed. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is commonly calculated annually.

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

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

What can my spouse earn if I go bankrupt?

Generally there is no limit to exactly what your spouse/partner can earn. There are a few implications that need to be considered in some circumstances, but most of the time your partner is an entirely independent 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 take care about the implications of that. If you are uncertain just give us a call on 1300 818 575.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Who is thought of as a dependent?

This might be any person, of any age, that lives with you and earns less than $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 declare these children as dependents.

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

If a couple have to both declare 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 everyone individually.

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Self Employment & Bankruptcy

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Will I lose my small business if I go bankrupt?

The straightforward answer is no, you don’t have to but you do need to get the suitable guidance. Company insolvency laws are very involved and you should tread cautiously if you wish to continue to be self-employed.

You may actually recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that does not definitely mean you can’t run your very own business and employ staff etc .

Suppose I have both Business and Personal Debts?

If you are a business owner and you have a combination of personal and business debts then it’s possible to have most, if not all, of the debts eliminated with bankruptcy. Just remember this is an intricate process and requires special attention. The truth is, personal bankruptcy doesn’t automatically imply business bankruptcy as well.

Whether you administer your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Feel free to contact us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, companies that become insolvent have a few choices, for example, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my business?

There are restrictions for small business owners that are bankrupt. As an example, as a bankrupt company owner you may be in your very own business as a sole trader only. For a few small business owners, bankruptcy can have an effect on their ability to take care of the business because of the licensing concerns. For instance, a builder with a builder’s license can not continue to use that license for the 3 years she or he is simply bankrupt.

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

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Isn’t it against the law to run a similar business after bankruptcy?

It could be. There are factors 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 place to avoid these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Newcastle today on 1300 818 575.

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