Bankruptcy Advice Options

I am struggling financially and need bankruptcy advice, options, and debt solutions.

There is a range of circumstances that can land you in financial trouble. The good thing is that there are several Bankruptcy advice options, such as claiming personal insolvency. These were created as options to help people like yourself move beyond debt.

What happens when you declare bankruptcy?

We offer personal debt solutions tailored to your situation if you are constantly stressed over your debt. Claiming bankruptcy or personal insolvency may be the best option available. Contact us to discuss your options, such as bankruptcy vs insolvency.

Can I still earn money if I go bankrupt?

A ubiquitous question we encounter is the fear that you will no longer be able to generate an income during bankruptcy in Australia. While there are specific stipulations, you can earn as much as you like. Talking to us about the pros and cons of going bankrupt can help alleviate your concerns and fast-track you on your path to financial freedom.

The income you can earn is calculated for each individual based on the number of dependents and adjusted upwards by the government (AFSA) in March and September each year to allow for movements in the cost of living. Contact us to discuss your options and find the best solution.

For further information and answers to other questions, such as the downside of filing for bankruptcy and How long do bankruptcies last, Or does bankruptcy clear all debts? Please download our Free Expert Bankruptcy Guide.

Will I Lose My House If I Go Bankrupt?

Not necessarily; it is possible to keep your family home, subject to meeting the requirements of your bankruptcy trustee. For example, if you owned the family home jointly with your wife or partner and the property is valued at $500,000 and have a loan against the property for $475,000, then you have $25,000 in equity.

That equity is not all yours. It belongs 50/50 with your partner. Therefore, your trustee will require you to pay or raise the $12,500 from your partner, family, or friends. If this can be achieved and you and your partner can still make the loan repayments, then yes, you can save your house. You will no longer own the property now belonging to your wife or partner.

Will I lose my car?

The rule the regulator has set with a motor vehicle is that you can keep it if you have no more than $8,150 of equity in the car. For example, if you had a car valued at $30,000 and a loan against the vehicle for $23,000, you have $7,000 worth of equity. Therefore, you can keep the vehicle if you can still repay the loan.

Can I travel overseas?

One of the most common questions is about restrictions on travelling overseas after bankruptcy. The answer is simple. Yes, but there are conditions.
Being bankrupt does not stop you from travelling overseas. You can travel as often as you wish, provided you obtain written consent from your trustee. It’s an offence to travel overseas without permission in writing.

At Bankruptcy Advisory Centre, we have over 30 years of experience providing bankruptcy advice options in Australia and helping everyday Australians to resolve their financial problems. Our expert team offers various debt solutions for individuals and businesses across Australia from our Sydney, Melbourne, Brisbane, and Perth offices.