So how much will actually be cleared away? What debts will I continue to be left with? Is Bankruptcy really going to assist me get a fresh start?
When it concerns Bankruptcy in Wangaratta I frequently have individuals either worried that their debt won’t be taken away, or will have no idea that bankruptcy does not actually cover everything. So before you get too caught up with Bankruptcy please ensure that the form of financial obligation you have is truly one that Insolvency will wipe clean!
Overall, when it comes to Bankruptcy, most debts are removed, but I have produced an useful table to help you out:
So as you can observe, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations occurring from uninsured Motor-vehicle insurance claims and educational financial obligations that include HECS or FEE-HELP. These particular financial obligations are not cleared away when you apply for bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some type of security attached to the financing– such as a car or house mortgage where the property is the security– the difference with these types of debts is that whenever you eliminate them you will lose the security.
So if you have a $30,000 car loan, you can remove the financial obligation through insolvency by simply giving the car back. That is just one aspect that, when it comes to Bankruptcy, it is essential to get specialist assistance – like that offered at Bankruptcy Experts Wangaratta because it just isn’t always as straightforward, but you need to be practical and keep in mind that you can not always retain the asset. Do not hesitate to phone us at Bankruptcy Experts Wangaratta if you have any kind of questions on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertswangaratta.com.au
What about my business or Company debts?
In many cases when it features Bankruptcy we can help you with your business liabilities, call us regarding this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a business to take care of the financial debt this way. When it comes to Bankruptcy, it could be a complicated area, so remember there are effects for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO can be erased with insolvency. If you have a business with any type of debt get some advice because it is not often so simple when it comes to Bankruptcy because every debt is going to be varied and that will impact the degree that it could be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Wangaratta we specialise in business and personal debts and can better discuss the exemptions to bankruptcy and what this will mean for you and your personal debts. So call Bankruptcy Experts Wangaratta if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertswangaratta.com.au