So how much will certainly be cleared away? What debts will I continue to be left with? Is Bankruptcy actually going to assist me get a fresh start?
When it comes to Bankruptcy in Port Stephens 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 sort of financial debt you have is actually one that Bankruptcy will wipe clean!
Overall, when it comes to Bankruptcy, most liabilities are removed, but I have produced a convenient table to help you out:
So as you can see, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations arising from uninsured Motor-vehicle claims and academic financial obligations that include HECS or FEE-HELP. These financial obligations are not cleared away when you apply for bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some type of security connected to the loan– such as a car or house loan where the property is the security– the big difference with these types of debts is that when you remove them you will lose the security.
So if you have a $30,000 vehicle loan, you can wipe the financial obligation through insolvency by simply giving the car back. This is merely one aspect that, when it comes to Bankruptcy, it is necessary to get specialist help – like that provided at Bankruptcy Experts Port Stephens as it isn’t always as easy, but you should be practical and consider that you can not always maintain the possession. Don’t hesitate to contact us at Bankruptcy Experts Port Stephens if you have any type of questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsportstephens.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. Keep in mind bankruptcy relates to an individual not companies, trusts or businesses. Normally you may need to liquidate a company to take care of the liability this way. When it concerns Bankruptcy, it may be a complicated area, so remember there are ramifications for a business owner including 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 guidance because it is not always so easy when it concerns Bankruptcy because every single debt is going to be different and that will impact the level that it can be cleared, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Port Stephens we are experts in business and personal financial debts and can better clarify the exemptions to bankruptcy and what this will mean for you and your financial obligations. So contact Bankruptcy Experts Port Stephens if you have any questions regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsportstephens.com.au