A debt with no collateral secured against it. In the event that the debtor defaults on the loan, there is no collateral to foreclose on.
Unsecured loans we can help with:
Bank account overdrafts
Some debt consolidation loans
Money borrowed from friends or family (if electronic transfer/records kept)
Disconnected services such as:Phone contracts, electricity and gas bills, internet, Foxtel etc.;Rent / Mortgage:Rental arrears/debt for previous property
Mortgage or car loan shortfalls (where the asset is sold for a loss)Invoices or fees relating to:Medical, Vets, Mechanics, Car accident debts, School fees, Solicitor, Lawyers, Business suppliers etc.(so long as services are completed and no longer need to use that provider again)Government:Tax bills, Centrelink Overpayments
Debts that are not able to be included:
Child Support arrears
Speeding fines, infringements, penalty notices, parking fines, toll charges, etc.
Many people ask about overseas travel when they enter into bankruptcy.
Under the Bankruptcy Act, overseas travel needs to be approved by the Bankruptcy Trustee assigned to manage your case.
If you apply to travel overseas, generally, the answer will be “no”.
The simple logic is that if you can afford to travel overseas, why can’t you afford to pay your creditors?
The general ban on overseas travel under bankruptcy has some exceptions:
Family emergencies or tragedies when someone else is paying.
The travel is for work and the income will increase the amount of money going to creditors.
It should be the acknowledged that overseas travel under bankruptcy is totally at the discretion of the Bankruptcy Trustee. Even if there is a family tragedy or you have to go on an important business trip, the bankruptcy trustee can say no and their decision is binding. You can appeal through the Administrative Appeals Tribunal.
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