Big 5 Questions
– Is going bankrupt right for me?
– Will I lose my job?
– How will my income be affected?
– Can I keep my house or car?
– Will I lose my business or can I still be self-employed?
If you are considering bankruptcy, being able to answer these questions is vital. When you have all this information then you will understand exactly what will happen to your business and assets should you choose to file for bankruptcy. Do not hesitate to download our eBook for free and educate yourself today. Or, if your concerns are more complex, call us at The Gold Coast Bankruptcy Centre directly on 1300 795 575.
Is going bankrupt my only choice? No of course not you always have a choice, you might want to consider a debt consolidation loan. However, the most common alternative considered instead of bankruptcy is a Debt Agreement (Part IX). Study the graph to work out the relative advantages and disadvantages of Bankruptcy, Debt Agreements, and Personal Insolvency Agreements, so you can make an educated choice.
Should I Consider a
Debt Consolidation Loan?
A debt consolidation loan is sometimes the most suitable plan. What the plan does is to pack all the various loans into one, larger loan. There might be a cost to consolidate the debts. One of the biggest issues to consider is your credit rating, often people thinking about bankruptcy have a badly damaged credit rating so a debt consolidation loan is simply not an option.
Bankruptcy and Employment
Bankruptcy Income Thresholds
Who Is Considered a Dependent?
A dependent can be anybody, of any age, who resides with you and earns no more than $3,708 per year. If you have children who do not live with you full-time, and you pay child support for them, you cannot class them as dependents. By the way, Centrelink payments are considered income for your dependents.