Personal Insolvency, or ‘bankruptcy’, can feel like a crippling blow to an individual. In fact, bankruptcy may save your life!
Firstly, the question is, DO YOU NEED TO DECLARE BANKRUPT? Just because someone is chasing you for debts, whether they be business or personal, it does not necessarily mean you will ultimately end up in bankruptcy or even need to consider it. Whether there are other options available to you depends on your individual circumstances, so call us to discuss your situation. You will get frank, honest and blunt answers.
Call us for a free NO OBLIGATION discussion or email us to find out more.
Ph: 1300 255 059
Bankruptcy can bring enormous peace of mind, it will cancel your debt, the debt collectors’ calls will stop, you’ll be able to start again, and at last, you’ll soon be sleeping well again.
What does Bankruptcy mean to me?
OK, so here are some of the facts. If you declare bankrupt you don’t need to go to court, get your name splashed in the newspapers or be publicly humiliated and made out to be a criminal. Bankruptcy simply and quickly enables ordinary people to get out of debt, so you personally won’t owe anything more on your credit cards, GST and tax, unsecured personal loans, and things like that. Imagine, no more debt collectors, no more harassing telephone calls, no more threats, no more debt worries, no more debt stress. At last you can smile again and won’t be a stress ball to live with. You’ll breathe easier and your debt won’t always be on your mind because you won’t have them any more.
Facts about Bankruptcy
Some more good news. Rumour has it that once you declare bankrupt you have to pay back 50% of whatever you earn for the next 3 years…WRONG! You can earn up to $917.18 each week (that’s net, after tax and after child support) without having to pay back anything. Bankruptcy is there to try and help you to get back on your feet and on with your life. It’s not the so called ‘last resort’. That sort of talk has always frustrated me. It’s just rubbish, but you’ll hear it from people who don’t know any better.
So $917.18 per week or $1835.12 per fortnight or $3974.44 per month. In bankruptcy these are known as ‘thresh hold’ amounts. If you earn more, you get to keep 50% of the extra amount too, i.e. 50% of the profit. The $917.18 figure increases if you’ve got dependents. With 1 dependent it becomes $1,082.27, with 2 it becomes $1164.81, with 3 it becomes $1210.67 with 4 it becomes $1217.99, and over 4 it becomes $1247.36. These amounts are always yours. Once you earn over this amount you split the difference 50/50 with your bankruptcy during the 3 year term of your bankruptcy. In reality, that means that as a bankrupt you can earn as much as you like during the 3 year term of your bankruptcy. There’s nothing stopping you. Go out and make a “$$$$million” or whatever that is to you, but save it, don’t buy any big assets with it, in bankruptcy terms that would be an after acquired asset, and your bankruptcy trustee could take it and sell it. For 3 years, keep it in the bank. Talk to us more about this and we can give you some guidance.
Some so called ‘experts’ put it this way ‘there are restrictions on how much a bankrupt can earn’. RUBBISH! There are no restrictions on what you can earn. Often these types of people are trying to scare you and get you to become involved in what is called a Debt Agreement Proposal. That’s because the promoters and administrators make a lot of money out of them as you keep paying them for years and years and years, more you could be saving to help you get back on your feet..I don’t think that debt agreements are working the way that it was intended, so be careful or you might end up making somebody else rich whilst number 1…YOU, stays poor and miserable.
If you think this may be an issue, then get some advice from us and we can help you work out what you can do.
So, you’ll be out of debt! Can you imagine that? In fact you may be able to start saving a deposit for something you’ve always wanted.
(Bankruptcy won’t cancel debts like, Centrelink, child support, HECS and court imposed fines (speeding fines, parking fines etc).)
A Client writes
Here’s what a client wrote:
Thank you, thank you, thank you. I honestly believe you have saved my life. I felt as though the stresses of finances were so overwhelming that they were going to kill me. I couldn’t sleep and when I did get to sleep I woke up in the early hours of the morning, depressed and worried. I was always stressed and I had no life except worry. Now I am free. It has been one of the most liberating experiences of my life.
Thank you, thank you!
More Facts about Bankruptcy
Will I lose my car if I go Bankrupt? Usually no, Bankrupts rarely lose their cars because they’ve gone bankrupt. Of course this is conditional and we can let you know if yours is safe.
Now,you may have heard that Bankrupts can’t travel overseas. Again, RUBBISH you simply need to apply to your bankruptcy trustee for permission to go. In almost all cases it’s not a problem. A bit of paperwork and you’re on your way!
Sometimes you are made to feel like a crook or a fraud if you declare Bankrupt. In my experience the overwhelming majority of people I have helped have fought and fought and fought to stay on top, but they just can’t do it anymore. IT’S OK… People like to dramatise things but to be honest I don’t know when I last thought that I was dealing with a crook. It’s just not how it happens.
Time and time again I’m told that we’ve really tried so hard to pay our debts, and often have got as much relief as is on offer, but at the end of the day it hasn’t helped, we just can’t do it anymore. If that’s you, it’s a common scenario. You don’t have to live in debt, life’s meant to be better than that. You’re meant to smile and dance like an idiot to your favorite song and jump on the bed, when did you last do that.
If you choose to go bankrupt using one of my services, then overwhelmingly, in about a week or so, you’ll virtually be debt free. Quite often you’ll be completely and absolutely debt free. You can start again.
Bankruptcy really does give you the chance to start again, to get back on your feet, and so you’ll be able to get on with your life. If you’re already in one of those “debt agreement” I spoke of earlier and can’t keep up, that’s fine, call us and we will tell you what to do. It’s easy. To cancel an existing debt agreement simply WRITE to your Debt Agreement Administrator and ask that the debt agreement be cancelled. They might kick and scream but they can’t make you continue paying them. You can’t be refused. The debt agreement cancellation process will take place. If you choose to, once the debt agreement is cancelled you can then go bankrupt. We’ll happily do the paperwork for you for this, over the internet or through the post.
Call us for a free NO OBLIGATION discussion or email us to find out more.
Ph: 1300 255 059
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