Can A Mortgage Default Send Me Into Debt?
Can A Mortgage Default Send Me Into Debt? Table of Contents If you’re facing a mortgage default or are having difficulties making your repayments on
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It can be stressful when debt starts piling up around you. You might find that you don’t know where to turn to for help and support, as your options might seem limited. That’s where a bankruptcy advocate can assist you.
Bankruptcy advocates are useful when you have to face pushy creditors or debt collectors, and can also provide support and advice through the debt process. An advocate’s main role is to keep your best interests in mind while providing assistance and support, which can be useful when you’re dealing with bankruptcy.
If you’re interested in the services of an advocate, you can find out more below.
Before we talk about how an advocate can assist you, it’s important to understand how the bankruptcy process works.
Bankruptcy can be explained as being either voluntary or involuntary. Voluntary bankruptcy is when you legally declare yourself bankrupt and declare that you cannot pay your debts. This is done using a form that you would fill in.
On the other hand, involuntary bankruptcy is when a creditor applies to have you listed as bankrupt. To be declared involuntarily bankrupt, creditors may apply to bankrupt you through the Federal Court of Australia. This is done using a creditor’s petition, which would then be lodged through the court with other documents.
Once you have been officially declared bankrupt, you can nominate a trustee. This trustee will manage your finances on your behalf. If you choose not to nominate a trustee, in most cases, the Australian Financial Security Authority will appoint one on your behalf.
Generally, you will be listed as bankrupt for three years and one day, with your bankruptcy, will be publicly registered on the National Personal Insolvency Index. After you have been registered as being bankrupt, in most cases, you will be released from most of your debts. In most cases, there is no fee for applying for bankruptcy.
However, if you have secured debts such as a home loan or a car loan, you will most likely still need to make repayments. If you cannot make your repayments, your house or car could be repossessed by the bank.
When going through bankruptcy, it can be important to have someone to advocate on your behalf. A bankruptcy advocate can do just this. An advocate can provide generalised support and advocate for your needs on your behalf when it comes to creditors and debt collectors. You might find that an advocate will be useful when it comes to helping find you a personalised solution to your debt problems.
Bankruptcy and having debt can be a stressful time in your life, and it can be helpful to have someone in your corner. Advocates are there to make sure your best interests are looked after during the bankruptcy process.
SR & Associates has more than 40 years of experience and has successfully helped 1,000’s of people Australia wide.
We advocate on our clients’ behalf with both banks and creditors to help stop home repossession, as well as helping those facing bankruptcy from being harassed by creditors. We aim to provide support services to those who do not know where to look, or who don’t know where to turn during the bankruptcy process.
Our helpful advocates can give you confidential assistance and help you to find a personalised solution. You shouldn’t have to live in constant fear of the unknown concerning your debts, and that’s where we can help.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. We can also assist you in finding a solution to your mortgage issues in addition to advocating for you. If you need help and support, call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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