So how much will certainly be cleared away? What financial obligations will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it relates to Bankruptcy in Taree I frequently have people either stressed that their financial obligations won’t be cleared away, or will have no idea that bankruptcy does not really pay for every little thing. So before you get too caught up with Bankruptcy please make sure that the form of financial debt you have is actually one that Insolvency will wipe clean!
As a whole, when it comes to Bankruptcy, most financial obligations are wiped out, but I have made a convenient table to help you out:
So as you can see, a few of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts occurring from uninsured Motor-vehicle claims and educational debts that include HECS or FEE-HELP. These particular financial obligations are not cleared away when you apply for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some kind of security connected to the financing– such as a car or house loan where the asset is the security– the big difference with these kinds of liabilities is that when you eliminate them you will lose the security.
So if you possess a $30,000 vehicle loan, you can remove the financial obligation through insolvency by simply giving the car back. That is merely one facet that, when it comes to Bankruptcy, it is necessary to get specialist help – like that supplied at Bankruptcy Experts Taree as it isn’t always as simple, but you should be realistic and keep in mind that you can not always maintain the asset. Do not hesitate to call us at Bankruptcy Experts Taree if you have any type of questions on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcyexpertstaree.com.au
What about my business or Company financial obligations?
In some cases when it features Bankruptcy we can assist you with your business liabilities, call us regarding this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a company to take care of the debt this way. When it comes to Bankruptcy, it could be an intricate area, so just remember there are ramifications for a business owner such as insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO might be erased with bankruptcy. If you have a business with any kind of debt get some advice because it is not often so simple when it concerns Bankruptcy because every single debt is going to be different which will impact the level that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Taree we specialise in business and personal liabilities and can better discuss the exceptions to bankruptcy and what this will mean for you and your personal debts. So call Bankruptcy Experts Taree if you have any inquiries regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertstaree.com.au