Losing your house: Just how much do you know about Bankruptcy in Melbourne?

The leading question a lot of people have when they come to our company about Bankruptcy is generally 'Can I manage to keep my house?' and in many cases the truth is yes, you can keep your house.

The only reason you will likely be required to sell your family home when you declare bankruptcy is actually due to the fact that you have so much equity in the home that it is considered an asset. Please read through these straightforward hypothetical case studies below to get your head around Bankruptcy and how it has an effect on houses in Australia. Remember If you need to know more about Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Melbourne on 1300 795 575, or visit our website: www.bankruptcyexpertsMelbourne.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was helping keep all the property prices nice and high. Now they are needing to look at Bankruptcy considering they have huge debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their house is currently only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other homes in the streets close by have sold for recently.

However they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this particular property the trustee will not ask Mike and Sue to sell their property when they go bankrupt, as long as they keep up the mortgage payments then all will be well for these people for the 3 years they are in bankruptcy.

At the end of the bankruptcy time period the trustee will write to them and ask if they would like to take over ownership of their house again and as long as it has not increased in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is normally somewhere between $3,000 and $5,000 to cover the legal costs of modifying the land title deed etc.

Now let's take a look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle bought a townhouse in a nice suburb of Melbourne for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

As a result of a recent business problem Bill is about $240,000 in debt. Michelle who does work in banking has a separate job and no other debt other than the mortgage. Bill cannot pay his debts so he is looking at Bankruptcy. Michelle is worried that she too may need to file for bankruptcy or be driven into it because of the house loan.

Within this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They can do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely with this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may be able to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is challenging and demanding, these two case studies above are just the tip of the iceberg as far as your options in Melbourne are concerned. If you need to know more about Bankruptcy and houses feel free to consult with us here at Bankruptcy Experts Melbourne on 1300 795 575, or check out our website: www.bankruptcymelbourne.com

Losing your house: Just how much do you understand about Bankruptcy in Rockhampton?

The most important concern people have when they come to our team regarding Bankruptcy is simply 'Can I manage to keep my house?' and in many cases the answer is yes, you can keep your house.

The only reason you will likely be forced to sell your family home if you declare bankruptcy is because you have so much equity in the house that it is considered an asset. Please go over these simple hypothetical case studies below to get your head around Bankruptcy and how it impacts houses in Australia. Remember If you want to know more about Bankruptcy and houses feel free to get in touch with us here at Bankruptcy Experts Rockhampton on 1300 795 575, or go to our website: www.bankruptcyexpertsRockhampton.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was helping keep all the property prices nice and high. Now they are needing to look at Bankruptcy considering they have huge debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their home is still only worth $450,000 after all these years, to be sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets nearby have sold for lately.

Having said that they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this property the trustee will not ask Mike and Sue to sell their property when they go bankrupt, as long as they keep up the mortgage payments then all will be well for these people for the 3 years they are in bankruptcy.

At the end of the bankruptcy period the trustee will write to them and ask if they want to take over ownership of their house again and provided that it has not grown in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is normally somewhere between $3,000 and $5,000 to cover the legal costs of modifying the land title deed etc.

Now let's look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle purchased a townhouse in a nice suburb of Rockhampton for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

Because of a recent business problem Bill is about $240,000 in debt. Michelle who does work in banking has a separate job and no other debt aside from the mortgage. Bill cannot pay his debts so he is looking at Bankruptcy. Michelle is bothered that she too may need to declare bankruptcy or be forced into it thanks to the house loan.

Within this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They might do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely in this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may have the ability to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is challenging and complicated, these two case studies above are just the tip of the iceberg as far as your options in Rockhampton are concerned. If you need to know more about Bankruptcy and houses feel free to call us here at Bankruptcy Experts Rockhampton on 1300 795 575, or head to our website: www.bankruptcyexpertsRockhampton.com.au.

Losing your house: How much do you understand about Bankruptcy in Wollongong?

The greatest concern a lot of people have when they come to our business about Bankruptcy is undoubtedly 'Can I manage to keep my house?' and in many cases the truth is yes, you can keep your house.

The only reason you can be forced to sell your family home when you declare bankruptcy is due to the fact that you have a lot of equity in the house that it is believed an asset. Please go over these straightforward hypothetical case studies below to get your head around Bankruptcy and how it impacts houses in Australia. Remember If you want to know more regarding Bankruptcy and houses feel free to consult with us here at Bankruptcy Experts Wollongong on 1300 795 575, or check out our website: www.bankruptcyexpertsWollongong.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue purchased a house in a mining town for $450,000. At this time the mining boom was keeping all the property prices nice and high. Now they are needing to look at Bankruptcy considering they have substantial debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their house is still only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets close by have sold for lately.

However they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this property the trustee will not ask Mike and Sue to sell their house when they go bankrupt, as long as they keep up the mortgage payments then all will be well for these people for the 3 years they are in bankruptcy.

At the end of the bankruptcy period the trustee will write to them and ask if they wish to take over ownership of their house again and provided that it has not grown in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is typically somewhere between $3,000 and $5,000 to cover the legal costs of modifying the land title deed etc.

Now let's take a look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle bought a townhouse in a lovely suburb of Wollongong for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

Due to a recent business problem Bill is about $240,000 in debt. Michelle who works in banking has a separate job and no other debt except for the mortgage. Bill cannot pay his debts therefore he is taking a look at Bankruptcy. Michelle is worried that she too may need to declare bankruptcy or be pushed into it due to the house loan.

With this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They can do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very improbable in this particular case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may have the ability to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is confusing and complicated, these two case studies above are just the tip of the iceberg as far as your options in Wollongong are concerned. If you need to know more about Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Wollongong on 1300 795 575, or go to our website: www.bankruptcyexpertsWollongong.com.au.

Losing your house: Just how much do you know of Bankruptcy in Perth?

The greatest concern a lot of people have when they come to our company about Bankruptcy is undoubtedly 'Can I manage to keep my house?' and sometimes the truth is yes, you can keep your house.

The only reason you may be driven to sell your family home when you declare bankruptcy is because you have a lot of equity in the house that it is considered an asset. Please go through these simple hypothetical case studies below to get your head around Bankruptcy and how it impacts houses in Australia. Remember If you want to know more regarding Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Perth on 1300 795 575, or check out our website: www.bankruptcyexpertsPerth.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was keeping all the property prices nice and high. Now they are needing to look at Bankruptcy because they have huge debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their home is still only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets close by have sold for recently.

Unfortunately they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this property the trustee will not ask Mike and Sue to sell their house when they go bankrupt, as long as they keep up the mortgage payments then all will be well for them for the 3 years they are in bankruptcy.

At the end of the bankruptcy period of time the trustee will write to them and ask if they want to take over ownership of their house again and as long as it has not increased in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is usually somewhere between $3,000 and $5,000 to cover the legal costs of changing the land title deed etc.

Now let's look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle purchased a townhouse in a wonderful suburb of Perth for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

As a result of a recent business problem Bill is about $240,000 in debt. Michelle who works in banking has a separate job and no other debt aside from the mortgage. Bill cannot pay his debts and so he is reviewing Bankruptcy. Michelle is concerned that she too may need to file for bankruptcy or be pushed into it due to the house loan.

With this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They may do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely in this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may have the opportunity to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is confusing and complicated, these two case studies above are just the tip of the iceberg as far as your options in Perth are concerned. If you need to know more about Bankruptcy and houses feel free to consult with us here at Bankruptcy Experts Perth on 1300 795 575, or go to our website: www.bankruptcyexpertsPerth.com.au.

Losing your house: Just how much do you know of Bankruptcy in Lismore?

The most important concern people have when they come to our team about Bankruptcy is normally 'Can I keep my house?' and in many cases the truth is yes, you can keep your house.

The only reason you may be driven to sell your family home when you file for bankruptcy is actually due to the fact that you have so much equity in the home that it is considered an asset. Please read these simple hypothetical case studies below to get your head around Bankruptcy and how it affects houses in Australia. Remember If you need to know more regarding Bankruptcy and houses feel free to call us here at Bankruptcy Experts Lismore on 1300 795 575, or go to our website: www.bankruptcyexpertsLismore.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was keeping all the property prices nice and high. Now they are needing to look at Bankruptcy given that they have massive debts of $80,000 on top of their mortgage and credit card and tax debt.

They really wish to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their home is currently only worth $450,000 after all these years, to be sure they searched www.realestate.com.au/ sold section of the website to see what other homes in the streets nearby have sold for lately.

Unfortunately they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this particular property the trustee will not ask Mike and Sue to sell their property when they go bankrupt, as long as they keep up the mortgage payments then all will be well for them for the 3 years they are in bankruptcy.

At the end of the bankruptcy period the trustee will write to them and ask if they want to take over ownership of their house again and provided that it has not increased in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is typically somewhere between $3,000 and $5,000 to cover the legal costs of altering the land title deed etc.

Now let's have a look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle purchased a townhouse in a lovely suburb of Lismore for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

As a result of a recent business problem Bill is about $240,000 in debt. Michelle who works in banking has a separate job and no other debt other than the mortgage. Bill cannot pay his debts and so he is considering Bankruptcy. Michelle is concerned that she too may need to declare bankruptcy or be obliged into it because of the house loan.

With this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They may do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very improbable with this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may have the ability to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is challenging and demanding, these two case studies above are just the tip of the iceberg as far as your options in Lismore are concerned. If you need to know more about Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Lismore on 1300 795 575, or visit our website: www.bankruptcyexpertsLismore.com.au.

Losing your house: How much do you know of Bankruptcy in Adelaide?

The most significant concern a lot of people have when they come to us regarding Bankruptcy is without a doubt 'Can I manage to keep my house?' and sometimes the truth is yes, you can keep your house.

The only reason you will be obliged to sell your family home when you declare bankruptcy is because you have a great deal of equity in the home that it is considered an asset. Please go over these simple hypothetical case studies below to get your head around Bankruptcy and how it impacts houses in Australia. Remember If you need to know more regarding Bankruptcy and houses feel free to get in touch with us here at Bankruptcy Experts Adelaide on 1300 795 575, or check out our website: www.bankruptcyexpertsadelaide.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue purchased a house in a mining town for $450,000. At this time the mining boom was helping keep all the property prices nice and high. Now they are needing to look at Bankruptcy considering they have substantial debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their house is currently only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets nearby have sold for recently.

Having said that they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this particular property the trustee will not ask Mike and Sue to sell their house when they go bankrupt, as long as they keep up the mortgage payments then all will be well for them for the 3 years they are in bankruptcy.

At the end of the bankruptcy period of time the trustee will write to them and ask if they want to take over ownership of their house again and provided that it has not grown in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is usually somewhere between $3,000 and $5,000 to cover the legal costs of modifying the land title deed etc.

Now let's have a look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle bought a townhouse in a nice suburb of Adelaide for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

Because of a recent business problem Bill is about $240,000 in debt. Michelle who does work in banking has a separate job and no other debt apart from the mortgage. Bill cannot pay his debts so he is taking a look at Bankruptcy. Michelle is concerned that she too may need to file for bankruptcy or be driven into it because of the house loan.

In this particular case the trustee is required to access or get their hands on Bill's half of the equity which is $50,000 less selling costs. They may do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely with this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may have the ability to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is confusing and complicated, these two case studies above are just the tip of the iceberg as far as your options in Adelaide are concerned. If you need to know more about Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Adelaide on 1300 795 575, or check out our website: www.bankruptcyexpertsadelaide.com.au.

Losing your house: How much do you know about Bankruptcy in Canberra?

The biggest concern people have when they come to our business regarding Bankruptcy is undoubtedly 'Can I keep my house?' and in some cases the answer is yes, you can keep your house.

The only reason you may be obliged to sell your family home if you declare bankruptcy is due to the fact that you have a lot of equity in the home that it is regarded as an asset. Please read through these straightforward hypothetical case studies below to get your head around Bankruptcy and how it impacts houses in Australia. Remember If you want to know more regarding Bankruptcy and houses feel free to call us here at Bankruptcy Experts Canberra on 1300 795 575, or head to our website: www.bankruptcyexpertsCanberra.com.au

Case Study 1. (Mike & Sue Smith).

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was helping keep all the property prices nice and high. Now they are needing to look at Bankruptcy since they have massive debts of $80,000 on top of their mortgage and credit card and tax debt.

They really wish to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their home is still only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets close by have sold for recently.

However they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this property the trustee will not ask Mike and Sue to sell their home when they go bankrupt, as long as they keep up the mortgage payments then all will be well for these people for the 3 years they are in bankruptcy.

At the end of the bankruptcy period of time the trustee will write to them and ask if they would like to take over ownership of their house again and so long as it has not grown in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is typically somewhere between $3,000 and $5,000 to cover the legal costs of altering the land title deed etc.

Now let's look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson).

2 years ago Bill and Michelle purchased a townhouse in a lovely suburb of Canberra for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

Because of a recent business failing Bill is about $240,000 in debt. Michelle who does work in banking has a separate job and no other debt other than the mortgage. Bill cannot pay his debts so he is reviewing Bankruptcy. Michelle is concerned that she too may need to file for bankruptcy or be compelled into it as a result of the house loan.

Within this particular case the trustee is required to access or get their hands on Bill's half of the equity which is $50,000 less selling costs. They may do this in a few ways; 1. Have them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely in this particular case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may be capable to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is challenging and demanding, these two case studies above are just the tip of the iceberg as far as your options in Canberra are concerned. If you need to know more about Bankruptcy and houses feel free to contact us here at Bankruptcy Experts Canberra on 1300 795 575, or head to our website: www.bankruptcyexpertsCanberra.com.au.