Bankrupt, Declaring Bankruptcy, Bankruptcy
March 3, 2017 106

What you should know long before you declare bankruptcy

Posted by:Charles Bosse onMarch 3, 2017

If you are overwhelmed by debt and you are taking a look at Insolvency Advice, there are 4 effects you must consider first.

Credit Rating

When it comes to Insolvency Advice in Australia, the process will commonly last for 3 years in most cases and for that 3 years your credit file will be marked with a ‘bankruptcy’ on it, this basically means you will not be able to borrow money. By the end of your 3 years you will be a ‘discharged bankrupt’ what this suggests is that your credit file will no longer say you are presently bankrupt it is going to say you were bankrupt. What this implies is that only select lenders will permit you to borrow money for things like houses and cars at a slightly higher interest rate, but if your income is ok then you will likely be okay. If you just Google Search ‘Loans to discharged bankrupts’ you will find plenty of lenders out there. The reason is simple, you are really a good risk given that you have no other debts anywhere. Your credit file will be marked with a ‘discharged bankrupt’ from the day your bankruptcy is finalised for another 2 years. So put simply your credit rating will be back to faultless again after 5 years like nothing occurred. If you have actually had someone default your credit file it likewise remains on your credit file for 5 years and the implications for loaning money are similarly dire with a default– and it is therefore you will need to talk with someone about Insolvency Advice.

Most of the time by the time someone files for bankruptcy in Australia their credit file is so broken that the impact bankruptcy has on their credit rating is of no real implication they cannot borrow money anyway. If you are thinking of bankruptcy and you are wanting to know more contact us here at Bankruptcy Advice Australia on 1300 879 867, or visit:

Asset Loss

When people come to me about Insolvency Advice I’m often asked ‘what assets will I lose when I file for bankruptcy?’ It is probably much easier to consider it this way: Your household belongings are not going to be affected. The assets that you will sacrifice will be big items like cars, boats, houses etc. You can possess a car to the value of $7,500 in equity. So in other words if you have a $20,000 car with a $20,000 car loan attached you can keep it due to the fact that its got no equity in it. So its not the total price that makes a difference in this case its the equity or the difference between the loan and the value of the car. But I don’t want to talk too much more about assets because it is a complicated area of Insolvency Advice, if you have questions about assets because you are looking into Insolvency Advice contact us here at Bankruptcy Advice Australia on 1300 879 867, or visit:

There is plenty of confusing information available about assets and bankruptcy, so ensure you get the right advice. Your house may also be of concern for you, because you may be able to keep your house and still file for bankruptcy, once again give us a call if you would like to know more about houses and Insolvency Advice in Australia.

Income Loss

For the 3 years you are bankrupt you may be needed to supply some of your income back toward your debt. (see table below).

There are some issues with this aspect of your income though, firstly if you pay any child support that comes out of your income first off, so in other words your net income will be calculated once you pay your tax and then child support, what’s remaining is your net income.

If you are a couple and you both declare bankruptcy these numbers are founded on individual incomes not combined so with no dependents each partner can earn $1,010.45 in the hand per week.

If one partner in a relationship is bankrupt the non bankrupt partner can earn any income because it’s not factored into the equation.

If you are self employed or your income is sporadic the figure will be determined yearly and not per week. If you earn over the threshold amount weekly then you will be required to add weekly from your pay.

But this is actually important when it comes down to Insolvency Advice since If you do not contribute from your salary like you are meant to, the consequences are severe, your bankruptcy may be prolonged until you do re-pay the required amount.

Overseas Travel

The bottom line with bankruptcy and overseas travel is basic. If you get the right advice and file for bankruptcy properly in the first place, then you will not have a challenge travelling overseas as often as you want while you are bankrupt.

The process is a basic online application you pay $150 and you are on your way.

If you are worried about any of these challenges In Insolvency Advice about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Advice Australia on 1300 879 867, we have offices in, Brisbane, Canberra, Sunshine Coast, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin and Hobart. or visit our website:



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