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If you are having bankruptcy issues or problems related to debt and you have decided to fix them, then congratulations! You may need bankruptcy debt help or there may be another answer here for you.

Advice on Bankruptcy

If you are considering bankruptcy there are a number of issues you need to know about. Most of the people we help are everyday working people and the following issues are the most common cause for concern.

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If you want honest debt help, information, advice and guidance then we can make you this promise. We will listen to you. We won’t judge you. We will advise you on your options and how these options will affect you. We will be truthful and direct in our advice and only give you the facts related to managing your debts.

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We offer a free initial, no obligation consultation – To discuss how we can help you and your family with Debt Advice – Contact Us 1300 900 194. Our Bankruptcy debt help and assistance services are available in Australia wide including Perth, Melbourne and Sydney.

Bankruptcy Advice and Help Services

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We provide bankruptcy information, bankruptcy advice and bankruptcy help services in all the major Australian cities and suburbs like Sydney, Melbourne and Perth etc. It is our goal to provide the right debt advice service for you, to help you overcome your financial difficulties.

The first step in dealing with your bankruptcy or debt problems is acknowledging that you want to solve them. For a trustworthy bankruptcy service, information on bankruptcy, proven debt help and advice, you’ve come to the right place. Our qualified advisors will supply you with the information and advice you require to make the right decisions regarding your debt. We are available in Sydney, Melbourne, Perth and whole of Australia.

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Bankruptcy can be a Good Thing

Case Study

I choose Bankruptcy over suicide, said Maria Sangos, matter of factly Mrs Sangos is a pensioner. In September, she owed more than $62,000 on five credit cards. She was being harassed daily by debt collectors, was on stress medication and suffering migraines and insomnia. Today she owes nothing, she is free from all debt collectors. She kept her car, a 2004 Holden Barina, and most importantly she is alive. Mrs Sangos didn’t own a house so she couldn’t refinance or sell to pay her debts. Bankruptcy, or some other kind of insolvency plan was her only option.

Mrs. Sangos’s story is the same, often secret story, of tens of thousands of Australians who have quietly gone bankrupt over consumer debts in the past few years and started again. More than 20,000 Australians did it in the last 12 months. The overwhelming majority of these bankruptcies are just ordinary consumers with credit cards, store accounts and car loans, not Gold Coast Businessmen or Townsville based investment advisers.

In the vast majority of bankruptcies there are no assets to recover so no A.F.S.A (Australian Financial Security Authority) fees apply. If assets are recovered to pay debts, A.F.S.A (Australian Financial Security Authority) fees can be charged and can range into the thousands of dollars.

The current limit on the value of a car that a bankrupt is allowed to own is $8,000.00 On top of the over 20,000 bankrupts, over 9000 Australians declared themselves insolvent and signed up for a Debt agreement under part 9 of the Bankruptcy Act. Debt agreements come with big fees and charges, and debtors still have to repay a certain proportion of their debts, usually about 70-80 per cent.

They are saved from bankruptcy but there credit record is still marked with an insolvency. Mrs Sangos chose to declare herself bankrupt and start again. Her name will be placed on a register of bankrupt persons and even when she is discharged from bankruptcy, probably in three years, her name will remain on that list for life.

She will not be able to travel overseas without the permission of A.F.S.A (Australian Financial Security Authority) but Mrs Sangos says she had no plans or finances to travel anyway. Of course she will find it difficult to get a credit card or a personal loan again, ”That’s a good thing” she said. But things are changing for people who have been bankrupt. Yes there are lenders out there who will take a look at discharged bankrupts it really depends on the individual situation and it really helps to build a relationship with a lender if you are in that situation.

Non conforming home loans are for people who have had a problem in the past perhaps they have been through a divorce or for whatever reason they have defaulted on a loan. If they can show they are now back on top, with full time employment, they may be able to find a lender. How much risk premium you will have to pay depends on what type of credit issue you had.

Bankruptcy has no long term negative implications for most people. Unless you are being headhunted for a top executive postings in big companies, the chances are, no one will go to the trouble to look up the register to see if you have been bankrupt.

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