Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business bills getting out of control?

We offer straight-forward bankruptcy help and advice. At Bankruptcy Frankston we accept that the very thought of bankruptcy is scary, and if it becomes a reality it is totally frightening. We know that you are likely feeling very overwhelmed, ambushed or even like you have zero choices left, therefore we wish to help guide you through the process.

But here’s the important thing – you’ve actually gone through the hardest aspect of the process – you have actually taken that primary step towards setting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is to figure out if bankruptcy is truly right for you. There is generally a few details you need to know before making that choice so we recommend that you continue browsing around this site, it has lots of great information, or you can simply pick up the phone and give us a ring on 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Are your personal or business bills getting out of control?

We offer straight-forward bankruptcy help and advice. At Bankruptcy Frankston we accept that the very thought of bankruptcy is scary, and if it becomes a reality it is totally frightening. We know that you are likely feeling very overwhelmed, ambushed or even like you have zero choices left, therefore we wish to help guide you through the process.

But here's the important thing - you've actually gone through the hardest aspect of the process - you have actually taken that primary step towards setting your personal and/or business debts behind you and getting along with your life; you've found us.

The next step is to figure out if bankruptcy is truly right for you. There is generally a few details you need to know before making that choice so we recommend that you continue browsing around this site, it has lots of great information, or you can simply pick up the phone and give us a ring on 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

You Can Be 100 % Debt Free!

Can you imagine a future free from lenders’ hounding phone calls and even looking forward to the post again? There are a couple of things you need to know before you make that tough choice. Firstly, the sooner you take steps then the more choices you are going to have.

5 problems you will need to answer long before you declare yourself bankrupt.

There are 5 principal problems you will need to have an response to before you declare bankruptcy. If you wish to know what exactly they are, feel free to download our free e-book on the right hand side of this web page. This e-book will concentrate on these big 5 questions specifically and offer you peace of mind that you are doing the correct thing.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Get your FREE copy of the Big 5

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston










* We promise not to barrage you with e-mails and phone calls when you apply for our free e-book. Really, we vow to only call you once to see if we can help you further and that’s it..

Your Insolvency Options

Is going bankrupt my only option?

No! There are a number of options readily available to you. Below is a chart illustrating the strengths and problems of the various debt choices offered. This graph is definitely by absolutely no means an all-encompassing resource, but it will make it possible for you to make a well-informed decision.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What exactly is a Personal Insolvency Agreement?

This is an adaptable deal amongst you and your creditors. It is overseen through a trustee who supervises what you will have to pay and when you have to pay. Once those circumstances have actually been met you are generally then free to begin again with a new beginning.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What is a Debt Agreement?

A debt agreement allows a debtor to enter into an understanding with their creditors to settle their money troubles without being made bankrupt.

You can’t enter into a Debt Agreement if you have been bankrupt, or if you are 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 want to know more please call us on 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

How do you Choose?

Ultimately it is up to you, but don’t be fooled by certain companies because many of them have a strong bias! The main reason you find many expensive commercials on the TV in the Frankston area inviting you to go for one of these alternatives is that there is tons of cash in it for the companies that administer them. You will notice (if you haven’t already) that each and every firm has the tendency to give (biased) suggestions depending on the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is pretty common across the industry, so ensure you don’t get fooled. And nor should this website be the only thing you read! We try to give unbiased advice, but please do your research across a range of sources to find what approach is going to be best for you!

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Should I look at a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal idea. Usually the trouble with them is that all it is really doing is packaging 5-15 different debts into one enormous debt. If you are battling to pay all your different loans now, then why do you presume it will be magically simpler to have one substantial bill? 9 times out of 10 it is just not going to make it easier. Just to make everything even worse you typically will need to pay up front for the ‘ luxury’ of this choice. If you want to get some clarification or more information on this, then 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 a lot of cases the answer is yes. If this is a serious problem for you then the best way to get the answer is to call us here at Bankruptcy Experts Frankston on 1300 818 575 and once we have an understanding about your circumstances we can give you a clear picture over the telephone. Practically everyone is emotionally connected to their house; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People usually think it’s an unescapable repercussion of bankruptcy and for this reason they press themselves to the brink of madness to not give up the family home.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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

Why would the bank like bankrupt customers? Wouldn’t they want to sell your home and not take the chance? Remember – the bank that has generously offered you the money for your house is making good money every month in interest from you, month in and month out. So long as you always keep up to date with your repayments then the bank wants you in there at all costs. Having said that it’s not the bank’s call – if a trustee concludes that there is plenty of 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 substantial issue is equity. A trustee has a duty to get as much money in order to help pay your bills once you go bankrupt. Equity is the ticket here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a solution to repay your debt and so they will sell your home to settle the debt and give you whatever money is left from the sale.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

How is equity worked out?

Some people are not quite clear about precisely what equity is, and how it is calculated– but it is absolutely essential to figure out because if you get it, it can mean the difference between keeping and losing your house. There are a few factors you have to know here. To start with, your gut instinct or presumption about the real worth of the home is possibly far too generous. Many people believe their home is worth much more than it actually is.

Secondly, when you declare bankruptcy the trustee may ask about how you established your price for the house. In some cases they will request more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A straightforward strategy would be to look on www.realestate.com.au then click on the ‘Sold’ tab on that site and look for latest house sales in your community or neighbourhood. This may help you get some idea of the reality of the marketplace right now. Remember, the assessment is based on a quick sale not a slick real estate agent’s advertising campaign. So If you actually want a good idea, I would definitely advise getting a valuer and asking them to give you 2 values for your house, one as a typical sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Being aware of this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What happens if my partner’s name is on the Home Loan?

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

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

Sadly, the house has not risen in value in the 4 years they have owned it and they also have merely managed to pay interest on the loan in that time so essentially they still have a $400,000 mortgage on a house worth $400,000.

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

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Suppose my house has too much Equity? What can I do?

If your home has plenty of equity and you are still drowning in debt, there are still a few alternatives readily available to you– it could be complicated, however the vital step is to speak with an expert to try and get ahead of it. In truth, this applies to 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 whatever 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 offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be advised?

More often than not there is simply no good reason for your employer to be advised of your bankruptcy. In circumstances 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 via your boss.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Who will know of my bankruptcy?

There are four groups of people that will discover that you are bankrupt. 1. Individuals that you tell 2. Your creditors or individuals you owe money to. 3. Individuals that see your credit file when you’re bankrupt. However, the only way this will take place is if you sign a privacy document for them to access your credit history. You only ever do this when you request a loan. 4. You will be shown on the National Insolvency Index on the internet somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Frankston, we are fully conscious that there is nonetheless a stigma linked to bankruptcy. We understand this issue and we can help to make sure that if you declare yourself bankrupt that you don’t need 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 swift and easy. In fact, the whole process will only take a few days. It makes it possible for the average person to get out of debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Will I lose my job if I declare bankruptcy?

The answer to the question is – yes, but only in some cases. The difficulty with some professions isn’t that you simply cannot 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 things problematic for you.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What we would really recommend is that you do your own research here. It will help make a big difference if you investigate this process before filing for bankruptcy since that may help you decide. Check if your job is on the chart below. If it is, we recommend speaking to them personally and explaining your situation. A few organisations won’t have a problem with your bankruptcy so long as 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 Frankston on 1300 818 575.

Bankruptcy Income Thresholds

Just how much can I make when I’m bankrupt?

There are actually no constraints on the amount of you can earn, but 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 deciding not to pay your debts and still pull in a 6 figure salary– it just wouldn’t be fair to the people you owe money to. So how much can you make before you start repaying money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you need to know what is happening then pay attention now. Since March 2016 there have been adjustments to the Income Threshold amounts. This suggests that there are modifications to just how much money you are able to keep when bankrupt. This is your net income after tax and child support (if applicable) are deducted. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be controlled to consider things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs suffered as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel costs to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee will have to ascertain your real net income, based on the bankruptcy rules.

The income threshold numbers are also per person and are determined by the Government each and every March and September to allow for the movement in the cost of living.

Exactly what can my partner make if I go bankrupt?

There is no limit to exactly what your spouse/partner can earn. There are a few implications that have to be thought about in some scenarios, but in most cases your partner is an entirely different legal entity and will not be affected financially when you file for bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are unsure just call us on 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Who is thought of as a dependent?

This may possibly be anyone, of any age, that resides with you and earns no more than $3,343 per year. If, in the case you have a child or children that you give child support for and they do not live with you full time, then you can not claim these particular children as dependents.

Suppose my spouse or partner and I both will need to go bankrupt?

If a couple need 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.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Self Employment & Bankruptcy

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Will I lose my small business if I go bankrupt?

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

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

What happens if I have both Business and Personal Debts?

If you are a small business and you have a combo of personal and business debts then it is generally possible to have most, or even all, of the debts eliminated with bankruptcy. Keep in mind this is an intricate process and requires special attention. The truth is, personal bankruptcy won’t automatically suggest business bankruptcy also.

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

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Should I put my busines into liquidation?

Among the main reasons you may wish to think about liquidation as opposed to bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few choices, for instance, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

There are rules for small business owners that are bankrupt. For example, as a bankrupt business owner you may be in your own business as a sole trader only. For several small business owners, bankruptcy can have an effect on their ability to run the business as a result of the licensing issues. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years he or she is bankrupt.

There are actually some other implications for business owners whilst bankrupt that have to be considered. If you have to know more about this just feel free to give us a call for a no responsibility, free consultation on 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Isn’t it illegal to run a very similar business after bankruptcy?

It could be. There are points 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 taken place. There are laws in effect to stop these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Frankston today on 1300 818 575.

Our Clients

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
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