You probably have a lot of questions about what happens when you declare bankruptcy. Here are the most common issues people want to know about.
1. Your Debts
Most of your debts will be cleared immediately by Bankruptcy. To find out which specific debts will be cleared, it’s best to tell us about your debts so we can let you know.
2. Bankruptcy Time
For most people, bankruptcy will last for 3 years. It’s during that time that you may have to make contributions, but only if you earn over a certain amount. The contributions depend on your income and how many dependents you have. Ring us to find out more details.
3. Your Credit Rating
Your bankruptcy will stay on your credit rating for 5 years.
4. Keeping Your Car
Generally speaking, if you keep making your payments on your car, then you’ll be able to keep it.
5. Your Assets
If you have major assets, then you can expect that they’ll be sold. There are some things you can keep, like a car up to a certain value, household and personal items, tools of trade and other things.
6. Being in Business
You can still run a business even though you’re bankrupt but you can’t be a director of a company. As a business owner who is an undischarged bankrupt, you have the legal obligation to disclose that.
7. Overseas Travel
You can still travel overseas. You just need to ask for written permission from your trustee, who in most cases will be AFSA (Australian Financial Security Authority). We can help you with the application if you need assistance.
8. Keeping Your House
It’s even very possible to keep your house by going bankrupt! Speak to us to find out how.
If you’re ready to get on top of you debt challenges, then Contact Us Now using the form below.
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Everyone I came in touch with in your organisation has been positive and encouraging. That is exactly what I needed because nobody expects to be going through bankruptcy.
You were honest about my situation and put my mind at ease about the process, and for the first time in months I was able to relax and see the way out of my financial situation with hope of starting over.
I would recommend Hugh and his staff to anyone in this situation. I believe you have my best interest at heart.
The team at Help With Bankruptcy are ready to assist you, where ever you are located, whether here in New South Wales, or indeed anywhere else around Australia. If you would like to give us a call to discuss your debt situation with one of our friendly, supportive team members, simply contact us now using the contact form on this page.