faqs

Frequently Asked
Questions

41. How Much Can a Dependant Earn If I Go Bankrupt?
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How Much Can a Dependant Earn If I Go Bankrupt?

A dependant in your household can make up to $3642 if you are bankrupt. Should a member of your household earn over this, no matter how old they are, they will cease to be considered a dependant and this will have implications on the amount of money you can make as a bankrupt. For more details on families and bankruptcy ring us on 1300 795 575.

How Much Can A Dependant Earn If I Go Bankrupt
42. Can I Keep My Tools of Trade If I Go Bankrupt?
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Can I Keep My Tools of Trade If I Go Bankrupt?

When bankrupt you are able to keep your tools of trade up to the value of $3750 to allow you to keep working. This sum 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 Victoria and how it impacts your work call Bankruptcy Geelong on 1300 795 575.

Can I Keep My Tools Of Trade If I Go Bankrupt
43. How Can I Avoid Bankruptcy? What Are My Options?
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How Can I Avoid Bankruptcy? What Are My Options?

Depending on your circumstances you may or may not be able to avoid bankruptcy. Taking a look at your specific circumstance we can look at your debt troubles and advise you how to move forward either with guidance on how to fix your debt issues or, if necessary, help you through the bankruptcy process. Each case is different and each requires a different solution. For a free initial consultation call Bankruptcy Geelong on 1300 795 575.

How Can I Avoid Bankruptcy?   What Are My Options
44. How Hard Is It to Travel Overseas While I'm Bankrupt?
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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 authorized in a couple of weeks. There are some circumstances that may cause problems with travel which we can help you with by calling 1300 795 575.

How Hard Is It To Travel Overseas While I'm Bankrupt
45. What If My Business Has Not Done Tax Returns Can I Still Go Bankrupt?
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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 easy if your taxes are not up to date but overdue tax does not disqualify you from becoming bankrupt. Bankruptcy Geelong can direct you through the, often, complex pathways resulting from unpaid taxes to ensure your bankruptcy procedure is as smooth as possible. To discuss your options call us on 1300 795 575.

What If My Business Has Not Done Tax Returns Can I Still Go Bankrupt
46. Should I Talk to My Accountant or Solicitor?
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Should I Talk to My Accountant or Solicitor?

There is absolutely nothing wrong with talking with your accountant or solicitor about bankruptcy they may well have really 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 Geelong we do 5 to 10 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.

Should I Talk To My Accountant Or Solicitor
47. How Long Can I Stay in My House After I Go Bankrupt?
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How Long Can I Stay in My House After I Go Bankrupt?

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

How Long Can I Stay In My House After I Go Bankrupt?
48. How Much Can I Have in Savings While I'm Bankrupt?
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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 income. 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 detailed information on savings.

How Much Can I Have In Savings While I'm Bankrupt
49. What Are the Long-Term Consequences of Bankruptcy?
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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 stay on your credit file after five years. To learn more about the repercussions of bankruptcy call Bankruptcy Geelong on 1300 795 575.

 What Are The Long Term Consequences Of Bankruptcy
50. What Would Stop Me Travelling Overseas While I'm Bankrupt?
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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 appropriate forms completed, you are free to take a trip. To discover more on travelling while bankrupt ring us on 1300 795 575.

What Would Stop Me Travelling Overseas While I'm Bankrupt?
51. Can I Keep My Mobile Phone Plan While Bankrupt?
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Can I Keep My Mobile Phone Plan While Bankrupt?

Yes, you can keep your mobile phone plan while bankrupt. Your mobile phone plan and mobile number are not influenced by bankruptcy as long as you continue to fully pay your providers bills. Call Bankruptcy Geelong if you have concerns regarding your mobile phone during bankruptcy on 1300 795 575.

Can I Keep My Mobile Phone Plan While Bankrupt
52. Do I Need to Contact My Creditors Once I'm Bankrupt?
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Do I Need to Contact My Creditors Once I’m Bankrupt?

No, you do not have to contact your creditors if you declare bankruptcy. Contact with creditors in Victoria is all dealt with through the bankruptcy process and is carried out in writing. Contact with and repayments to creditors prior to bankruptcy can be filled with potential hazards. Our recommendation is to contact us at Bankruptcy Geelong on 1300 795 575 prior to talking with your creditors to prevent the discomfort and possible consequences associated with creditor communication.

Do I Need To Contact My Creditors Once I'm Bankrupt
53. Why Does the Advice Vary so Much Online?
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Why Does the Advice Vary so Much Online?

Bankruptcy advice online can vary considerably and this is due to the number of differing industries associated with the process. Financial advisors tend to highlight the products that they offer with companies that specialise in debt consolidation recommending debt consolidation loans and specialists in liquidation proposing liquidation. At Bankruptcy Geelong we provide a totally free initial consultation where we can discuss your circumstances and in many cases our recommendation is that the best solution for you is not bankruptcy. To talk about how we can help you call us on 1300 795 575.

Why Does The Advice Vary So Much Online
54. The Biggest Regret My Clients Have When Filing for Bankruptcy
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The Biggest Regret My Clients Have When Filing For Bankruptcy

For many individuals their greatest regret is not actually going bankrupt, but not going bankrupt earlier. Debt can be a stressful and emotional rollercoaster often bringing people to the limits of their endurance.

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

The Biggest Regret My Clients Have When Filing For Bankruptcy
55. Will All of My ATO Debts Be Removed?
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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.

Will All Of My ATO Debts Be Removed
56. Why Choose Bankruptcy Experts?
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Why Choose Bankruptcy Experts?

At Bankruptcy Experts Geelong we offer you a bankruptcy solution that has supported thousands of people in Victoria over many years. Our personalised and experienced service will assist you through the entire three year process. We do not abandon you as soon as your application has been lodged but continue to assist you to ensure that all paperwork and compliance is completed. For the right advice on bankruptcy ring us on 1300 795 575.

Why Choose Bankruptcy Experts
57. The Big 5 Questions About Bankruptcy
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The Big 5 Questions About Bankruptcy

The Big 5 Questions About Bankruptcy

1 Is bankruptcy right for me? We give you all the alternatives 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 particular job specific licenses or qualifications which might be cancelled.

4. Can I keep my car when bankrupt? Like a home the less equity you have in your vehicle 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 repercussions depending upon your circumstances.

Bankruptcy Geelong can answer any concerns you have regarding bankruptcy in Victoria so call us on 1300 795 575.

The Big 5 Questions About Bankruptcy
58. Bankruptcy Term 3 Years To 1
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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 initially took a look at this and there has been no real outcome. In the meantime, it stays at three years and is likely to in the immediate future. To find out about any developments regarding bankruptcy phone us on 1300 795 575.

Bankruptcy Term 3 Years To 1
59. Will I Go to Jail or Court If I Go Bankrupt?
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Will I Go To Jail Or Court If I Go Bankrupt

As a general rule you do not go to jail or go to court if you go bankrupt. Creditors can take you to court before you apply 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 learn more phone us on 1300 795 575.

Will I Go To Jail Or Court If I Go Bankrupt
60. When Will I Qualify for A Loan Again After Bankruptcy?
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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 five years until your credit rating is clean. To get more information call Bankruptcy Geelong on 1300 795 575.

When Will I Qualify For A Loan Again After Bankruptcy
61. Should I Put My Company into Liquidation?
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Should I Put My Company Into Liquidation?

If your company is in debt there is no clear answer as to whether you should put your company into liquation. There are a lot of factors to think about with liquidation especially if you have personally guaranteed any loans or leases. Bankruptcy Geelong can ensure you have all the facts for an educated decision, call us on 1300 795 575.

Should I Put My Company Into Liquidation
62. Will I Still Be Able to Rent a House While Bankrupt?
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Will I Still Be Able to Rent a House While Bankrupt?

Yes, you are able to rent a place while bankrupt. There is no reason 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.

Will I Still Be Able To Rent A House While Bankrupt
63. Why Would My Bankruptcy Be Extended To 5 or 8 Years?
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Why Would My Bankruptcy Be Extended To 5 Or 8 Years?

Yes, in Victoria your bankruptcy can be extended, past 3 years, if you neglect to comply with bankruptcy rules and do not supply 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 Geelong we continue to help you with all the bankruptcy requirements to make certain it is all over in three years. For more on how we can help you call 1300 795 575.

Why Would My Bankruptcy Be Extended To 5 Or 8 Years
64. Must My Tax Returns Be up to Date to Go Bankrupt?
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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 declare bankruptcy, it is not essential. To get more guidance on tax requirements call us on 1300 795 575.

Must My Tax Returns Be Up To Date To Go Bankrupt
65. Will Bankruptcy Remove My Mortgage Shortfall?
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Will Bankruptcy Remove My Mortgage Shortfall?

Yes, bankruptcy will remove your mortgage shortfall. Should your bank sell your home or vehicle the remaining debt is reclassified as unsecured debt which is removed when you become bankrupt. For more information contact us on 1300 795 575.

Will Bankruptcy Remove My Mortgage Shortfall
66. Will the Bankruptcy Term Be Reduced to 1 Year?
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Will the Bankruptcy Term Be Reduced to 1 Year?

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

Will The Bankruptcy Term Be Reduced To 1 Year
67. What Are My Legal Obligations While I'm Bankrupt?
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What Are My Legal Obligations While I’m Bankrupt?

In Victoria, your legal obligations while bankrupt will depend a lot on your circumstances. You will be required to provide evidence, income and paperwork. A yearly survey will need to be completed detailing your actions throughout each year and as long as you stay compliant and complete all documentation your bankruptcy will only last 3 years.

For additional information on how we can assist you call Bankruptcy Geelong on 1300 795 575.

What Are My Legal Obligations While I'm Bankrupt
68. Will All of My Debts Get Removed?
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Will All of My Debts Get Removed?

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

Will All Of My Debts Get Removed
69. I Have A Large ATO Debt Can I Still Go Bankrupt?
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I Have A Large ATO Debt Can I Still Go Bankrupt?

If you have a large ATO debt you should do something about it before the ATO do. When your ATO debt is big, it is most likely the ATO will take action against you which involves going to court. This can be a quite traumatic experience. Call Bankruptcy Geelong, 1300 795 575 to avoid the anxiety and discuss your alternatives.

I Have A Large ATO Debt Can I Still Go Bankrupt
70. Thinking of Bankruptcy How We Can Help?
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Thinking of Bankruptcy How We Can Help?

At Bankruptcy Geelong 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.

Thinking of Bankruptcy How We Can Help
71. What Is the Bankruptcy Process?
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What Is The Bankruptcy Process?

At Bankruptcy Geelong the bankruptcy process is fairly straightforward. When you call us we will discuss your predicament and make certain that bankruptcy is the right choice for you. We will then send you a tax invoice and a detailed outline of exactly how we will assist you over the next 3 years of bankruptcy. When 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 want to begin the bankruptcy process contact us on 1300 795 575.

What Is The Bankruptcy Process?
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