Do you have an investment property that is now worth less than the loan taken out to finance the purchase?
Have you sold the properties and are now owing a large amount to the bank?
Have you wondered whether the debt can be settled for less than the amount you owe?
During the bankruptcy process, due to whatever the reason, a creditor has the right to remove and appoint a trustee of their choice, provided that certain steps are taken.
Due to the Covid-19 pandemic, a large number of people have debts they cannot pay. So, what are your options to solve your personal debt problems?
We were referred a client to help him settle a guarantee debt owed to a financier, which totalled just over $30,000. The guarantee our client had signed with the financier contained a charging clause and the financier had used this provision to lodge a caveat over our client’s property.
The Federal Government has warned the public of potential dodgy insolvency advisers. These unregistered and unregulated advisers target vulnerable people who are in financial distress.
The government has recently extended the JobKeeper program to March 2021, albeit in reduced sums. Other measures have also been extended to 31 December.
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 »
