Declaring bankruptcy is sometimes the only solution for an individual or a business unable to repay the debts to their creditors.
Bankruptcy is not a dead-end, as some people think it to be. Bankruptcy is just another offer of opportunity to cancel your debts and to start again and we are here to provide all the support we can.
Before filing for bankruptcy, there are several things you should know:
CREDIT RATING INFORMATION
When someone goes bankrupt, the information is recorded on the National Personal Insolvency Index (NPII). The information is then passed on by NPII to the credit rating company VEDA (formerly known as Baycorp or CRAA). The information is retained by VEDA for a period of seven years.
HOME AND ASSETS
You may be required to surrender some of the significant assets that you possess but you will be able to keep some personal belongings and household items as well as your car, up to a certain value, and trade tools, if applicable.
Based on the amount of equity you have in your residential home, you may be allowed to keep it. (Talk to us today for further information)
KEEPING YOUR CAR ON FINANCE
If you have a car and it is on finance, you will be able to keep it but for as long as you can maintain making the repayments.
RUNNING A BUSINESS
Good news is that you can own a business or be self employed even if bankrupt but you cannot be appointed as a director of your business.
In most cases you are allowed to travel overseas when bankrupt. If you are having troubles travelling overseas due to bankruptcy speak to us today and we will do our best to resolve the issue.
These are just a few basic questions and concerns faced by average working class people who have struggled with debt and are now our clients. But of course not everything is covered in here. Everyday we are faced with various questions and concerns which we are here to answer and explain in more detail. We offer customised support for each individual or business bankruptcy case and you can count on our confidentiality.
Remember, filing bankruptcy is not a failure but a legal way of helping a good citizen to regain their financial state with the help of our Government. At ebankruptcy.com.au, we offer bankruptcy services to all Australian residents.