If you’ve looked into your options and feel that bankruptcy is your option then fill out our bankruptcy evaluation and we will assist you through the process.
If you want some more information to make sure it’s the right decision for you follow our 4 step process below so you can make an informed decision:
Simple 4 steps to a fresh start
- Get information
- Get a Free Bankruptcy Evaluation
- Fresh Start
1. Take control of your situation
When things are spiralling financially you have no control, you’re unsure of your future and you don’t know what you should do. These 3 things can cripple you psychologically and that’s not a good thing.
The first thing you need to do is mentally be ready for a fresh start. The, I’m going to take control mindset is powerful and if you’re reading this then you sound like you’re already there.
In our experience, it takes people with this mindset before they are willing to reach out. If you’re unsure, think how good you will feel just to know your options. Knowing your options is starting the process of control.
In life, things can get tough when they don’t work out the way you planned. You hit a couple of foul balls that hurt the way you live your life and turn it upside down. Things like unemployment, relationship breakdowns and on top of that debt that is accumulating. Phone calls that are harassing you, threats of legal action and getting sued along with many other stresses in your life.
No double that debt stress is the worst. Many family arguments and relationships are affected by financial security issues. It affects your happiness and state of mind, this can lead to anxiety and depression. Eventually, you find yourself in a situation where you feel overwhelmed and not in control of your own life. Try Not to Beat Yourself Up.
It happens…. The only question is are you ready to do something about it? Are you ready to get a fresh start
Bankruptcy can give you back your sanity, it can release you from your debts and remove the handcuffs. Feeling scared is normal at this stage of the process, but we guarantee that after our first discussion your feelings of control will increase and your FEAR will drop away. Knowing that you have taken steps to get your control back and you’ve just empowered yourself!
Bankruptcy IS NOT a bad thing! It’s allowing you the opportunity to start again. We hold your hand the entire way. We assist you in the pre-bankruptcy process & throughout the entire lodgement process which can be quite complicated.
Don’t sit back and do nothing, the debts will just grow and the debt collectors will harass you more.
TAKE CONTROL OF THE SITUATION OR THE SITUATION WILL TAKE CONTROL OVER YOU!
Ask yourself the following questions:
- What’s your life worth?
- What’s your health worth?
- Want to amend your relationships?
- Want to sleep better?
- Want to stop the harassing phone calls?
- Want to get the embarrassment behind you?
Whatever your answers to the above if 1 question resonated with you it’s time to take action and YOUR CONTROL BACK
2. Get Information
Now that you have the right mindset and you’re taking control of your situation then you can move to the 2nd stage:
Get the right advice & get all of your questions answered.
Just remember getting the right advice can make a huge difference, it’s like reading a mechanic book to fix your car rather than going to a car mechanic. Odds are there will be problems when doing it yourself.
Find the answers to your questions, but make sure you’ve applied them to your situation correctly.
You can download your copy of the Big 6 here
If we breakdown all the questions asked they all really come down to 1:
How will bankruptcy affect me and my family?
This is probably the most important and the hardest to answer question. It’s general and how it affects one person it may not affect another so the only way to fully provide exact answers would be to discuss your situation. However, to keep things simple there’s a range of ways bankruptcy can affect you, below are some questions that fit under this category that might help you in gathering information.
Can I keep my house?
Many people will try and make this a complicated question. However, the simple way to explain is that yes you can keep your house, however usually not for free.
It all comes down to 2 things
- The ownership structure
- How much equity is in the house
The higher the ownership % of the person going bankrupt the more it will cost. Also the more equity in the house the more it will cost to keep.
The reason for this is that the trustee can use the bankrupt persons equity to pay back creditors that have had their debts bankrupted.
If you have no equity in the property then the chances are high that you can keep the house without having to pay anything. However, if you have equity in the house, we help to negotiate with the trustee how much it will cost and if it can be paid off over a few years.
We can work out the structure and how much after the initial free phone consultation – complete the evaluation and we can work out for you.
What are the consequences?
Your obligations will differ from individual to individual as everyone’s situation is different.
Rather than call them consequences I see them more of requirements. It’s like a see-saw you need to weigh up the pro’s and the cons. Just like any big decision in life you need to ensure you’re aware and happy with these requirements that will allow you to get a fresh start.
- You will have a bankruptcy lodged on your credit file
- Bankruptcy lasts for 3 years & 1 day
- After 3 years you are automatically discharged and classified as a discharged bankrupt
- You will be registered on the NPII
- You could lose some of your assets (many ppl don’t so seek advice first, make sure you’re not one of them)
- It will be tough to borrow while bankrupt
- If you travel overseas you need to complete an application
- If your income is above a certain amount you may have to pay some to the bankruptcy trustee
Some other things that can affect your bankruptcy are:
- The industry in which your work
- How much you earn per year
- If you own any property
- Whether you are running a business as a company director or a sole trader
- Whether you are going through a divorce or separation
- If you have any court actions against you
- Whether you have dependent children
- Whether you are expecting to receive an inheritance or lump sum payment
How all of these apply to your situation complete ourFREE Online Bankruptcy evaluation
today and we can point you in the right direction.
Can I keep my car?
In most cases yes, however you need to be aware that there are some requirements based on the value/equity you can have in the vehicle.
You can have equity available in your car up to $8,000
Check out the full client scenarios here for more detail or send us an enquiry and we can help
3. Get a Free Bankruptcy Evaluation completed
If you’ve come this far be sure to complete theFREE Online Bankruptcy Evaluation
– we will send you your current financial score and how suitable bankruptcy is for you.
We don’t recommend bankruptcy for everyone, however, if we do recommend bankruptcy for you we will step you through the process and make sure it’s handled professionally, confidentially and quickly.
You don’t have to attend court, we handled the process from start to finish.