21. What If Someone Is Bankrupting Me; Is There Anything I Should Do?
What If Someone Is Bankrupting Me; Is There Anything I Should Do?
If somebody is trying to bankrupt you, the first thing you need to do is get good advice. Although bankruptcy is the same whether it is voluntarily or enforced, the experience is significantly different. If you are forced into bankruptcy it is an extremely stressful procedure that generally involves the court system. You should try as hard as possible to avoid this scenario.
To discover how Bankruptcy Advice Sunshine Coast can assist you through this, call 1300 879 867
22. What If My Company Has Received a Demand or Wind-Up Notice; Can I Still Go Bankrupt?
What If My Company Has Received a Demand or Wind-Up Notice; Can I Still Go Bankrupt?
Yes. It is possible to still declare bankruptcy after receiving a demand or wind up notification. It is however, a challenging process and we suggest you get some expert guidance before declaring bankruptcy. If it is handled incorrectly, it could be a disastrous experience. For a complimentary consultation call Bankruptcy Advice Sunshine Coast on 1300 879 867.
23. Do I Need to Contact My Creditors?
Do I Need to Contact My Creditors?
No, you will not need to contact your creditors. This can be a very emotional and stressful experience, so at Bankruptcy Advice Sunshine Coast we do that for you. In fact, we function as a buffer or a midway point between you and your creditors, so you are not required to notify them of your bankruptcy, we take care of all that for you. To learn more about our bankruptcy services call us on 1300 879 867.
24. How Long Does Bankruptcy Last?
How Long Does Bankruptcy Last?
In Queensland bankruptcy will typically last three years. However, there are situations, if you do not remain compliant during this period, that the bankruptcy can be extended. To find out how Bankruptcy Advice Sunshine Coast can help you to stay compliant throughout your bankruptcy phone us on 1300 879 867.
25. How Long Does It Take to Declare Bankruptcy?
How Long Does It Take to Declare Bankruptcy?
In Queensland, it usually takes about 2 weeks to submit the documentation and be declared bankrupt. Bankruptcy Advice Sunshine Coast can assist you throughout the application process and then support you right through up until the conclusion of your bankruptcy. For a totally free initial consultation call us on 1300 879 867.
26. What If Someone Else Signed for a Loan (Joint loan or guarantor) and I Go Bankrupt; Will They Still Be Liable for the Debt?
What If Someone Else Signed for a Loan (Joint loan or guarantor) and I Go Bankrupt; Will They Still Be Liable for the Debt?
If someone goes bankrupt with a joint loan or with a guarantor on a loan, the loan lender is within their rights to pursue the other individual on the loan documents for payment. Although the bankrupt is absolved of the debt the sum total of the outstanding money owing on the loan now ends up being the responsibility of the co signatory or guarantor. For more guidance on this call Bankruptcy Advice Sunshine Coast on 1300 879 867.
27. What Happens to a Debt I Failed to Remember at the Time of Becoming Bankrupt?
What Happens to a Debt I Failed to Remember at the Time of Becoming Bankrupt?
Don’t panic! If you forgot a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt, and any account or reference number/s provided by the lender. Your trustee will add the creditor to your bankruptcy and send out a notification to the creditor. This debt should then be cleared as long as it was incurred prior to your bankruptcy. Bankruptcy Advice Sunshine Coast can help with more information on bankruptcy procedures so contact us on 1300 879 867.
28. Do I Have to go to Court If I Go Bankrupt?
Do I Have to go to Court If I Go Bankrupt?
No, in Queensland you should not have to go to court if you go bankrupt. The bankruptcy process exists to safeguard you from action from your creditors. There can be some exceptions to this so call Bankruptcy Advice Sunshine Coast to make sure on 1300 879 867.
29. What If I Have Gambled a Bit of My Income and I Go Bankrupt; Will I Get in Trouble?
What If I Have Gambled a Bit of My Income and I Go Bankrupt; Will I Get in Trouble?
If you are a gambler, and you lose some of your income, this is generally not a problem, so don’t worry. What the trustee does not like is a gambling inconsistency. For instance, if you have never gambled in your life and all of a sudden you lose $50,000 on the horses, then you may have some explaining to do. If you are uncertain give us a call on 1300 879 867.
30. Can My Bankruptcy Be Done Over the Phone?
Can My Bankruptcy Be Done Over the Phone?
No matter whether you reside on the Sunshine Coast, in remote Qld or anywhere in Australia, your bankruptcy can be done over the phone. Any paperwork that is required can be managed via post or email. To get the process started pick up your phone and call Bankruptcy Advice Sunshine Coast on 1300 879 867.
31. What If I’m Living in Another Country; Can I Still File for Bankruptcy?
What If I’m Living in Another Country; Can I Still File for Bankruptcy?
It is possible to be declared bankrupt in Australia even if you are living overseas. There are, however, some criteria that must be satisfied. Usually, you will need to have a property or business in Australia to make an application for bankruptcy here. This can be quite a difficult process so call Bankruptcy Advice Sunshine Coast on 1300 879 867 to get more information.
32. Can I Include My Overseas Debts in My Bankruptcy?
Can I Include My Overseas Debts in My Bankruptcy?
If you have an overseas debt but are now resident in Queensland, when you declare bankruptcy the overseas debt is simply detailed on your bankruptcy paperwork. In most cases, the creditor overseas will wipe out the debt. It is possible and legal for them, however, to decline your application, and if you return to that country you might be subject to their bankruptcy laws. To learn more contact Bankruptcy Advice Sunshine Coast on 1300 879 867.
33. How Will the Trustee Know What Assets I Have?
How Will the Trustee Know What Assets I Have?
There are a couple of ways the trustee can discover what assets you have but the most effective and easiest method is for you to let them know when the bankruptcy paperwork is done. There is also a government website which has all major assets listed. Bankruptcy Advice Sunshine Coast can help you with advice about your assets and bankruptcy, so contact us on 1300 879 867.
34. Can I Keep an Inheritance If I File for Bankruptcy?
Can I Keep an Inheritance If I File for Bankruptcy?
It is not normally possible to keep an inheritance when you are bankrupt. Inheritance is a complex part of bankruptcy but generally any inheritance you receive will be put against your debt. This is an area where you will want the appropriate guidance, so if you need more information about inheritances call Bankruptcy Advice Sunshine Coast on 1300 879 867.
35. Will I lose my Pension or Workers Compensation payments if I go bankrupt?
Will I lose my Pension or Workers Compensation payments if I go bankrupt?
If you receive Centrelink payments, Workers Compensation or a pension you will not lose these by declaring bankruptcy. The income thresholds for bankruptcy are the same for everybody so no matter how you get your money you need to earn about $50,000 each year before your income will be impacted. To find out more call us on 1300 879 867.
36. Will I Be Able to Keep My Tax Returns Once I’m Bankrupt?
Will I Be Able to Keep My Tax Returns Once I’m Bankrupt?
If you owe the ATO tax money prior to going bankrupt, you will not be able to keep any tax returns during the 3 years of bankruptcy. This money will go back to settling your ATO debt. Another reason you might not be able to keep your income tax return is if your net income is over the allowable bankruptcy threshold, this tax return money is then treated as additional income and forfeit towards your debts. In most other cases you should be able to keep your return. For more clarity on this complicated subject call Bankruptcy Advice Sunshine Coast on 1300 879 867.
37. What About Child Support?
What About Child Support?
In Queensland, if you have a child support debt bankruptcy will not wipe it out, you will still be expected to pay it. Throughout your bankruptcy you will be required to continue paying child support with this money being deducted from your gross earnings. Your net income will therefore become what you have left after you pay your tax and child support. It is very important to remember that if you are receiving child support while bankrupt this will be added to your total income. For clarity on where you stand with Bankruptcy and Child Support call Bankruptcy Advice Sunshine Coast on 1300 879 867.
38. Can I Buy Shares and Make Investments While I’m Bankrupt?
Can I Buy Shares and Make Investments While I’m Bankrupt?
You can purchase shares and make financial investments; however, it is quite an involved procedure and not recommended as a good idea. Owning assets while you are bankrupt can be troublesome. Buying shares while you are declaring bankruptcy is permitted, but the trustee will take them off you once you are in bankruptcy, as they are deemed an asset. To get advice on bankruptcy matters phone us on 1300 879 867.
39. What Assets Can I Keep If I Go Bankrupt?
What Assets Can I Keep If I Go Bankrupt?
In Queensland, you can keep virtually everything when declaring bankruptcy except big things like houses, vehicles, shares, rentals and inheritances. It is sometimes possible that things like houses and cars might also be able to be saved. Just give us a call at Bankruptcy Advice Sunshine Coast on 1300 879 867 before you make any rash decisions.
40. Liquidators Are Not Your Friend?
Liquidators Are Not Your Friend?
When appointed either voluntarily or under duress, liquidators are not there to support you. The role of the liquidator is to represent the creditors, all their actions once they have control of your business will be to clear debt in any way they can. To learn what your options are call us on 1300 879 867.