CREDIT RATING- The fact you have gone Bankrupt will go on a government file known as the NPII.
It is from here that the credit rating company, VEDA (previously known as Baycorp or the CRAA)
gets the information. They are allowed to hold the details on your file for 7 years.
BANKRUPTCY TIME - Generally you will be Bankrupt for 3 Years. It is during this time
that you will have to make contributions from your income if it is over the base income threshold
amount. The amount for a person, with no dependants is currently $967.00 net (after tax) per week.
ASSETS - If you have any significant assets you may have to surrender them for the benefit of your
creditors. However there are some things that you are allowed to keep such as a car up to a certain
value, household & personal items and tools of trade, for example.
MY HOME- Depending on the amount of equity you have in your home,there is a good chance you can keep it. ( Ask us how.)
BEING IN BUSINESS- Just because you have chosen bankruptcy does not mean that you can't have a business or be self-employed. You are
however unable to be a director of a company.
OVERSEAS TRAVEL- We have never had a client refused from travelling overseas. If overseas travel is an issue for you then please speak to us.
KEEPING YOUR CAR - If your car is under finance it does not mean that you will lose it, generally if you can maintain the payments you can keep your car.
Call us today for confidential friendly advice on 1300 900 194