Frequently Asked
Questions

Can I Keep My Tools of Trade If I Go Bankrupt?

When bankrupt you have the ability to keep your tools of trade up to the value of $3750 to allow you to keep working. This amount is not the replacement cost of the tools but the value of them if you were to sell them in their current condition. So, tools that are well used and a number of years old are not going to be anywhere near the value of what you paid for them. For more details on bankruptcy in Qld and how it effects your work call Bankruptcy Brisbane on 1300 795 575.

How Can I Avoid Bankruptcy? What Are My Options?

Depending on your circumstances you may or may not be able to avoid bankruptcy. Looking at your specific situation we can look at your debt troubles and recommend you how to move forward either with guidance on how to fix your debt problems or, if required, help you through the bankruptcy process. Each case is different and each needs a different solution. For a free initial consultation call Bankruptcy Brisbane on 1300 795 575.

How Hard Is It to Travel Overseas While I’m Bankrupt?

Taking a trip overseas while bankrupt should not be big issue. As long as you are up to date with your compliance, have completed the online application and paid the $150 fee, your request to travel should be approved in a couple of weeks. There are some situations that might create problems with travel which we can help you with by calling 1300 795 575.

What If My Business Has Not Done Tax Returns Can I Still Go Bankrupt?

If your business has not done tax returns, even for a number of years, you are still able to go bankrupt. The process is not as simple if your taxes are not up to date but overdue tax does not disqualify you from becoming bankrupt. Bankruptcy Brisbane can steer you through the, often, complicated pathways resulting from unpaid taxes to ensure your bankruptcy process is as smooth as possible. To discuss your options call us on 1300 795 575.

Should I Talk to My Accountant or Solicitor?

There is nothing wrong with speaking with your accountant or solicitor about bankruptcy they may well have very sound advice. We have, however, discovered over the years that many accountants and solicitors might not have a great deal of experience in bankruptcy and insolvency. Here at Bankruptcy Bunbury we do five to ten bankruptcies every week and have a very good knowledge of all steps of the process. For free advice from our experienced team call us on 1300 795 575.

How Long Can I Stay in My House After I Go Bankrupt?

How long you can stay in your house is determined by your bank not by the bankruptcy process. The time you can stay in your house can be as little as thirty days or up to six months depending on your circumstances. Call us on 1300 795 575 to find out more.

How Much Can I Have in Savings While I’m Bankrupt?

Yes, you can save money while you are bankrupt as long as it is disclosed as part of your earnings. The bankruptcy trustee will have all the details of what you make, if you decide to spend or save your money is entirely up to you. Contact us on 1300 795 575 for more comprehensive information on savings.

What Are the Long-Term Consequences of Bankruptcy?

There is really only one long term consequence of being bankrupt. You will be listed for the rest of your life on the National Insolvency Index which is a government website cataloguing all bankrupts. Access to this pay to view site is not freely available to the general web surfing public. Any references to bankruptcy do not remain on your credit file after 5 years. To learn more about the consequences of bankruptcy call Bankruptcy Bunbury on 1300 795 575.

What Would Stop Me Travelling Overseas While I’m Bankrupt?

The only thing that may stop you from taking a trip overseas while bankrupt would be if you have not been compliant with all requirements in the bankruptcy process. As long as all your paperwork and compliancy is up to date and the trustee is notified of your plans with the proper forms completed, you are free to travel. To discover more on travelling while bankrupt ring us on 1300 795 575.

Can I Keep My Mobile Phone Plan While Bankrupt?

Yes, you can keep your mobile phone plan while bankrupt. Your mobile phone plan and phone number are unaffected by bankruptcy as long as you continue to fully pay your service providers bills. Call Bankruptcy Brisbane if you have questions regarding your mobile phone during bankruptcy on 1300 795 575.

Do I Need to Contact My Creditors Once I’m Bankrupt?

No, you do not have to get in touch with your creditors if you declare bankruptcy. Contact with creditors in Queensland is all managed through the bankruptcy process and is done in writing. Contact with and repayments to creditors prior to bankruptcy can be filled with potential risks. Our suggestion is to call us at Bankruptcy Brisbane on 1300 795 575 prior to talking to your creditors to prevent the discomfort and possible consequences associated with creditor communication.

Why Does the Advice Vary so Much Online?

Bankruptcy advice online can vary dramatically and this is due to the variety of differing industries involved in the process. Financial advisors tend to highlight the products that they provide with companies that specialise in debt consolidation recommending debt consolidation loans and specialists in liquidation proposing liquidation. At Bankruptcy Brisbane we offer a totally free initial consultation where we can discuss your circumstances and in a lot of cases our suggestion is that the best option for you is not bankruptcy. To discuss how we can assist you call us on 1300 795 575.

The Biggest Regret My Clients Have When Filing For Bankruptcy

For many people their biggest regret is not actually going bankrupt, but not going bankrupt earlier. Debt can be a stress filled and emotional rollercoaster frequently bringing people to the limits of their endurance.

Bankruptcy for many can be the release they require to keep going. If you are battling under debt pressures phone Bankruptcy Brisbane on 1300 795 575 to discuss if bankruptcy could be the right option for you.

Will All of My ATO Debts Be Removed?

Yes, your ATO debts will be wiped out when you end up being bankrupt. Any GST, payroll tax, superannuation and general tax debt is all cleared up to the day you are declared bankrupt. There are some debts that this does not apply to so for more clarification on these please call us on 1300 795 575.

Why Choose Bankruptcy Experts?

At Bankruptcy Experts Brisbane we offer you a bankruptcy service that has supported thousands of individuals in Queensland over many years. Our personalised and experienced service will help you through the entire 3 year process. We do not desert you when your application has been lodged but continue to help you to ensure that all paperwork and compliance is completed. For the right advice on bankruptcy ring us on 1300 795 575.

The Big 5 Questions About Bankruptcy

The Big 5 Questions About Bankruptcy
1. Is bankruptcy right for me? We give you all the options so you can make an informed choice on bankruptcy.
2. Will I lose my home? The more equity you have in your home the harder it will be to keep when bankrupt.
3. Will my job be affected? In most cases your job will be unaffected unless you have certain job specific licenses or qualifications which may be cancelled.
4. Can I keep my car when bankrupt? Like a house the less equity you have in your car the more likely you will be able to keep it. You may keep any car with equity valued under $7900.
5. How much can I earn when bankrupt? If your income is under $1100 per week it will not be affected. Over this there may be consequences depending on your circumstances.
Bankruptcy Brisbane can answer any questions you have regarding bankruptcy in Queensland so call us on 1300 795 575.

Bankruptcy Term 3 Years To 1

Only the government know if the bankruptcy term will be decreased from 3 years to 1 year. It has been some time since they first took a look at this and there has been no real outcome. In the meantime, it remains at three years and is likely to in the immediate future. To learn about any developments regarding bankruptcy phone us on 1300 795 575.

Will I Go To Jail Or Court If I Go Bankrupt

As a general rule you do not go to prison or go to court if you go bankrupt. Creditors can take you to court before you file for bankruptcy but not when you are declared bankrupt. You are only likely to go to jail if there is fraud or other extenuating legal situations associated with your bankruptcy. To find out more phone us on 1300 795 575.

When Will I Qualify for A Loan Again After Bankruptcy?

As soon as you have been discharged from bankruptcy you will qualify for a loan again. You can apply for a secured vehicle or home loan straight away. There are some products like credit cards and unsecured loans that you will need to continue to wait for 5 years until your credit rating is clean. To learn more call Bankruptcy Brisbane on 1300 795 575.

Should I Put My Company Into Liquidation?

If your company owes money there is no clear answer as to whether you need to put your company into liquation. There are a number of factors to consider with liquidation especially if you have personally guaranteed any loans or leases. Bankruptcy Brisbane can make sure you have all the facts for an educated decision, contact us on 1300 795 575.

Will I Still Be Able to Rent a House While Bankrupt?

Yes, you are able to lease a house while bankrupt. There is no reason why as a bankrupt you should not be able to rent aside from not having good rental references or having rent still owing on a previous rental. It is unusual to be asked if you are bankrupt when applying to rent. To get more information on bankruptcy call us on 1300 795 575.

Why Would My Bankruptcy Be Extended To 5 Or 8 Years?

Yes, in Queensland your bankruptcy can be extended, past three years, if you fail to comply with bankruptcy rules and do not provide required documentary evidence. Becoming bankrupt is simply the first stage, there are lots of things that need to be done throughout your bankruptcy. Here at Bankruptcy Brisbane we continue to help you with all the bankruptcy requirements to ensure it is all over in 3 years. For more on how we can help you call 1300 795 575.

Must My Tax Returns Be up to Date to Go Bankrupt?

Although it is a good idea to have all your tax returns up to date before you go bankrupt, it is not essential. To get more guidance on tax requirements call us on 1300 795 575.

Will Bankruptcy Remove My Mortgage Shortfall?

Yes, bankruptcy will remove your mortgage shortfall. Should your bank sell your house or car the remaining debt is reclassified as unsecured debt which is removed when you end up being bankrupt. For more details call us on 1300 795 575.

Will the Bankruptcy Term Be Reduced to 1 Year?

No one, at this stage, knows if the bankruptcy term is going to be decreased to one year. Although it has been spoken about and a draft proposal put to parliament, nothing has yet materialized. Whether it will in the future we just do not know. For the most recent information and facts on bankruptcy phone Bankruptcy Brisbane 1300 795 575.

What Are My Legal Obligations While I’m Bankrupt?

In Qld, your legal obligations while bankrupt will depend a lot on your circumstances. You will be required to supply evidence, income and documentation. An annual survey will need to be completed outlining your actions throughout each year and as long as you stay compliant and complete all documentation your bankruptcy will only last 3 years.

For more details on how we can assist you call Bankruptcy Brisbane on 1300 795 575.

Will All of My Debts Get Removed?

Generally, after three years of bankruptcy all your debts should be eliminated. There are, however, some debts that you might still have like child support. To get more information on the debts you have call us on 1300 795 575.

I Have A Large ATO Debt Can I Still Go Bankrupt?

If you have a large ATO debt you should take action before the ATO do. When your ATO debt is big, it is likely the ATO will take action against you which requires going to court. This can be a rather distressing experience. Call Bankruptcy Brisbane, 1300 795 575 to prevent the stress and discuss your options.

Thinking of Bankruptcy How We Can Help?

At Bankruptcy Brisbane there are a lot of ways in which we can help you. We are able to advise you on a lot of the most frequently asked questions

o Can I still travel overseas?
o What will happen to my house?
o Will I be able to keep my car?
o Can I still be self-employed while bankrupt?
o How much can I earn when bankrupt?
o Will my employer be told I am bankrupt?
For comprehensive answers to these and other queries give us a call on 1300 795 575.

What Is The Bankruptcy Process?

At Bankruptcy Brisbane the bankruptcy process is fairly straightforward. When you call us we will discuss your predicament and ensure that bankruptcy is the right option for you. We will then send you a tax invoice and a comprehensive summary of exactly how we will help you over the next three years of bankruptcy. Once payment has been made you complete a detailed questionnaire and after further discussions, we lodge your application. Within a week or two you will be bankrupt. If you have questions or wish to begin the bankruptcy process contact us on 1300 795 575.