Newcastle Bankruptcy Legal Tips and FAQ

 

Here are some common questions and tips on Newcastle NSW Bankruptcy Lawyers...

Here is some info that will help you if you have been searching for the following...

- Bankruptcy Lawyer Cost Newcastle

- Bankruptcy Expert Newcastle

- Newcastle bankruptcy solicitor fees

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- insolvency law firms Newcastle

When you are looking for solutions about Newcastle Bankruptcy Lawyers - you are probably trying to find more about wether bankruptcy is the only option, and what are the long term legal, financial and social issues that go with declaring bankruptcy...

bankruptcy legal tips

 

Do I Need a Lawyer to File for Bankruptcy?


Legally speaking, no. Realistically speaking, yes. Bankruptcy law is quite complex. If you make a mistake, for example leave out a creditor, you could find yourself having serious problems later on. There are many lawyers who will handle a simple bankruptcy for a low cost. It will be worth it to retain one.
you have a constitutional right to represent yourself in any matter. Practically speaking as an attorney that has practiced bankruptcy law for several years. Attorneys typically use software to prepare your forms (think turbo tax) that we pay several thousand dollar for access to such software.

Hiring an experienced bankruptcy lawyer you are paying more for her knowledge and experience and not just someone to prepare your forms. The courts have already deemed what is a reasonable fee and most solicitors just take a portion with the balance payed through your plan of 3–5 years.

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Need Top Expert Help for Newcastle Bankruptcy Lawyers? We are ready to help you now!

For example, if you are in work and you have debts of over $10,000 it is important to know there are other options available. We will make you aware of your options and advise and guide you on the best possible solution. Our personal insolvency and bankruptcy solicitors can advise you. Call today.

When Meeting with a Bankruptcy Lawyer, what Questions should you Ask?



You should be comfortable that the attorney knows the bankruptcy system well. You should look up if they have any bar complaints and possibly what size of cases they work on. During speaking with them, ask about the trustees that could have your case, the attorney should be very familiar with them and not be too adversarial. You should ask what protections your state provides on your assets. You should make sure that they run a credit report to catch any old debts and be a thorough as possible in listing all assets and debts And you must look over the papers before they are filed to be sure they are complete. Don't let or make the attorney guess at the answers on your assets or budget.You should ask if that attorney will be at the hearing with you and you should meet whoever will be there. You should generally feel that they are very comfortable handling your case. If there are concerns, ask more questions about why they are concerns.

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What happens when you declare bankruptcy?



Although bankruptcy can provide relief if you are unable to repay your debts, there are consequences which may affect you. Being aware of these consequences can help you decide if this is the best option for you.

Your financial affairs are put in the hands of a Trustee in Bankruptcy.
They work with you, and your creditors[?], to achieve a fair and reasonable outcome for all. During bankruptcy, you have an obligation to provide information to your trustee, including changes to your circumstances. This may involve supplying books, bank statements and other documents that the trustee asks you to provide.

When you apply for voluntary bankruptcy, you are able to nominate a registered trustee of your choice. If you don’t nominate a trustee, we normally appoint the Official Trustee (AFSA). In some cases, the Official Trustee may transfer the administration of your estate to a registered trustee.

Bankruptcy may affect your income, employment, and business
If you earn over a set amount, you may need to make compulsory payments to your trustee. There may also be some restrictions on your employment and running a business.

Bankruptcy does not release you from all debts

Your name will permanently appear on the National Personal Insolvency Index (NPII)

Bankruptcy can affect your ability to obtain future credit

Your trustee may sell some of your assets.
You can keep:

  • ordinary household goods
  • tools up to a set amount used to earn an income and
  • vehicle(s) with a value up to a set amount.
  • Your trustee can sell other assets including your house and property.

 

Bankruptcy in Australia normally lasts for 3 years and 1 day from the day you file.
Your name will appear permanently on a public register called the National Personal Insolvency Index
Credit reporting agencies keep a record of your bankruptcy for:
5 years from the date you became bankrupt or
2 years from when your bankruptcy ends, whichever is later.

https://www.afsa.gov.au/insolvency/i-cant-pay-my-debts/who-will-know-im-bankrupt

For example, if you are in work and you have debts of over $10,000 it is important to know there are other options available. We will make you aware of your options and advise and guide you on the best possible solution. Our personal insolvency and bankruptcy solicitors can advise you. Call today.