Life After Bankruptcy
Surprising life continues on, however the restrictions from bankruptcy are removed.
You’re Income:
Your Income is all yours to keep and you can start buying assets again.
Travel Overseas:
The travel restrictions are removed.
Do I need to keep in contact with my trustee?
Normally you don't. In some cases, your trustee continues to manage your bankruptcy, even after it has ended.
For example, your trustee has claimed your house as an asset and they haven’t sold it yet.
Your trustee may still request you to:
Contact from Pre Bankruptcy creditors:
There will be no more contact from the past creditors. If they do, them refer them to the Trustee.
Self Employed:
All restrictions are removed.
Purchase a Property
Contrary to popular belief, it is possible to borrow again after bankruptcy.
Your ability to do so will depend on your specific circumstances that can include income, your ability to pay back the loan, your recent payment history and savings – especially if you’re applying for a mortgage.
You will be able to apply for a mortgage, however the interest rate will be about 3% higher them a normal bank.
If you need advise on how to purchase a property after bankruptcy, please feel free to contact us as we will be able to advise you.
What debts will I be liable in life after bankruptcy?
You’re Income:
Your Income is all yours to keep and you can start buying assets again.
Travel Overseas:
The travel restrictions are removed.
Do I need to keep in contact with my trustee?
Normally you don't. In some cases, your trustee continues to manage your bankruptcy, even after it has ended.
For example, your trustee has claimed your house as an asset and they haven’t sold it yet.
Your trustee may still request you to:
- Provide information about your financial situation
- Make any outstanding compulsory payments.
Contact from Pre Bankruptcy creditors:
There will be no more contact from the past creditors. If they do, them refer them to the Trustee.
Self Employed:
All restrictions are removed.
Purchase a Property
Contrary to popular belief, it is possible to borrow again after bankruptcy.
Your ability to do so will depend on your specific circumstances that can include income, your ability to pay back the loan, your recent payment history and savings – especially if you’re applying for a mortgage.
You will be able to apply for a mortgage, however the interest rate will be about 3% higher them a normal bank.
If you need advise on how to purchase a property after bankruptcy, please feel free to contact us as we will be able to advise you.
What debts will I be liable in life after bankruptcy?
- Court imposed penalties and fines
- Child support & maintenance
- HECS & HELP debts (government student loans)
- Debts you incur after your bankruptcy begins
- Unliquidated debts (e.g. a debt where you and your creditor are yet to determine the amount). We can assist you with unliquidated debts.
- Any new Debts occurred after bankruptcy.
Your Credit Record (Credit File)
Bankruptcy listings last for 5 years on your credit report, which means your credit file will show you as a discharged bankrupt for another 2 years. You will be able to apply for a mortgage, however the interest rate will be about 3% higher them a normal bank. You will also require a higher deposit.
Bankruptcy listings last for 5 years on your credit report, which means your credit file will show you as a discharged bankrupt for another 2 years. You will be able to apply for a mortgage, however the interest rate will be about 3% higher them a normal bank. You will also require a higher deposit.