When a property is sold and there is a mortgage shortfall, the bank claims on the insurance policy and the insurer then chases the borrower for the mortgage shortfall debt.
What should you do if you provided a personal guarantee and your business is struggling? One of the things you can do is to negotiate a settlement.
The effects of bankruptcy are serious and generally can’t be cancelled if you change your mind. You should get advice before you go bankrupt including on what assets can be sold in bankruptcy and other effects of bankruptcy. We can help you consider your options, so give us a call to discuss your circumstances. In… Read more »
We were recently referred a client who was being pursued for a debt by Timbercorp Finance Pty Ltd (‘Timbercorp’). The debt totalled over $130,000 including interest, which was continuing to accrue.
If you become bankrupt, your bankruptcy trustee will be able to sell some of your assets. But there are various assets which are protected and which your trustee cannot sell. So, what assets can and can’t be sold?
Considering bankruptcy? How much income will you have? Find out what happens to your income in bankruptcy with all your questions answered here…
If you are facing bankruptcy or are bankrupt already, keeping your home is possibly your greatest concern. See how we have helped others in this situation!
We are aware of the pressures faced by individuals in financial distress. We can assist you in understanding the options available to deal with your debt.