We’ll help you find peace of mind & a pathway back to prosperity.

Bankruptcy & Your Assets

At Doug Constable Group, we’re passionate about empowering people with accurate information.

There are hundreds of misconceptions about bankruptcy. We find the ones that cause the most fear are about what you can own and earn after you’ve declared bankruptcy.

Of course, bankruptcy isn’t a ‘get out of jail free’ card. Creditors may still pursue remedy from you and you may be required to sell assets to fulfill some of your obligations.

But what won’t happen is you being left with no assets, no protection from creditors, and no means of obtaining future prosperity.

What About My Home?

First of all, there’s no rule that says declaring bankruptcy means you must sell your house. Every bankruptcy is different, and the terms of each is determined by the parties involved, along with the relevant government bodies. But there are plenty of avenues to explore, many of which include retaining your home. These depend on:
  • How much equity do you have in your home?
  • Can you still pay the rates?
  • Can you afford insurances and bills?
  • Can you continue to pay your mortgage?
The rules vary from state to state, however keeping your home is a possibility you shouldn’t rule out. If you’re after clear answers about what property you might be able to keep, contact Doug Constable Group on 1300 93 4357.

Can I Own A Business?

There are ramifications to doing business once you’ve declared bankruptcy. But declaring bankruptcy doesn’t mean you can’t ear, and in today’s economy – that usually gets done as a sole trader.

Rules do apply if holding a business license is involved, and these vary from state-to-state, so it’s important to get accurate information from a bankruptcy expert about your circumstances.

If you’re after clear answers about whether your business license will be affected, contact Doug Constable Group on 1300 93 4357.

Will My Earnings Be Garnished?

After earning a certain amount, laws do require you to sacrifice a portion of your income to service their obligations under their bankruptcy agreement.

How much? Well, like other aspects of bankruptcy, it depends. Literally, on your dependents. How many dependents you have directly impacts the amount you can earn before garnishes kick in. The more dependents, the greater the amount. This chart below shows the limits set by law on how much an individual can earn before they are required to surrender income.


But there’s no limit to what you can earn after bankruptcy – your future can still be as prosperous as you want it to be. Contact Doug Constable Group on 1300 93 4357 for a free conversation about getting your financial fresh start.


But What About My Credit Rating?

Credit ratings do not decide who gets credit. Financial institutions do. There is no law preventing bankrupts from entering into credit agreements, nor is there a limit on the size of the loan.

There are plenty of mainstream financial institutions who, post-COVID, have revised how they deal with post-bankruptcy customers. They know (probably more than anyone), just how volatile the business world can be, and how now more than ever – bankrupt doesn’t automatically mean bad risk.

At Doug Constable Group, we’re experts at helping people with complex debt problems recover and return to normal life. If you’re concerned about how your access to future credit might be impacted, contact Doug Constable Group on 1300 93 4357.

Your Future Is Brighter Than You Think!
Are you ready to overcome your fear of bankruptcy? Contact DCG today for a free, confidential consultation.