You probably have a lot of questions about what happens when you declare bankruptcy. Here are the most common bankruptcy 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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I sought help from many different companies who put me off bankruptcy. Through this I ended up in more debt, stress and trouble.
At the time I was pregnant and dealing with considerable stress.
When I first contacted Bankruptcy New South Wales, you made me feel welcome and didn’t make me feel stupid for the mistakes I had made.
I found you to be very helpful and I found the information to be factual and not misleading. I didn’t understand my legal rights within the law but you assured me that I was doing the right thing. If it wasn’t for your help I don’t know where I would be now.