So how much will truly be eliminated? What debts will I still be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it concerns Bankruptcy in Northern Rivers I often have people either worried that their debt won’t be eliminated, or will have no idea that bankruptcy doesn’t really pay for every single thing. So before you get too caught up with Bankruptcy please make sure that the kind of financial debt you possess is really one that Bankruptcy will wipe clean!
As a whole, when it concerns Bankruptcy, most financial obligations are removed, but I have designed a handy table to help you out:
So as you can discover, a few of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial debts occurring from uninsured Motor-vehicle insurance claims and academic financial obligations which include HECS or FEE-HELP. These financial debts are not cleared away when you file for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some kind of security connected to the loan– like a car or house mortgage where the property is the security– the big difference with these kinds of debts is that when you remove them you will lose the security.
So if you have a $30,000 car loan, you can wipe the financial obligation through insolvency by simply giving the car back. That is merely one element that, when it concerns Bankruptcy, it is necessary to get specialist assistance – like that supplied at Bankruptcy Experts Northern Rovers since it just isn’t always as easy, but you should be reasonable and bear in mind that you can not always keep the property. Do not hesitate to contact us at Bankruptcy Experts Northern Rovers if you have any type of concerns on 1300 795 575. Or don’t hesitate to head to our website: www.bankruptcyexpertsnorthernrivers.com.au
What about my business or Company financial obligations?
Sometimes when it involves Bankruptcy we can aid you with your business liabilities, call us regarding this first. Keep in mind bankruptcy applies 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 comes to Bankruptcy, it could be an intricate aspect, so remember there are implications for a local business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO can be eliminated with bankruptcy. If you have a business with any type of debt get some advice because it is not often so easy when it comes to Bankruptcy because every debt is going to be different and that will affect the degree that it can be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Northern Rovers we specialise in business and personal debts and can better discuss the exemptions to bankruptcy and what this will mean for you and your debts. So call Bankruptcy Experts Northern Rovers if you have any questions regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: Bankruptcy Northernrivers