So just how much will really be cleared away? What debts will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it concerns Bankruptcy in Hervey Bay I commonly have people either worried that their debt won’t be taken away, or will have no idea that bankruptcy does not actually pay for every single thing. So before you get too caught up with Bankruptcy please ascertain that the kind of personal debt you have is really one that Insolvency will wipe clean!
Overall, when it comes to Bankruptcy, most financial obligations are erased, but I have made a helpful table to help you out:
So as you can discover, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts arising from uninsured Motor-vehicle claims and academic financial obligations such as HECS or FEE-HELP. These kinds of liabilities are not cleared away when you file for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some type of security attached to the loan– such as a car or house loan where the property is the security– the difference with these kinds of debts is that whenever you remove them you will lose the security.
So if you have a $30,000 car loan, you can remove the liability through personal bankruptcy by simply giving the car back. This is just one aspect that, when it comes to Bankruptcy, it is important to get specialist help – like that provided at Bankruptcy Experts Hervey Bay since it isn’t always as simple, but you need to be practical and remember that you can not always keep the possession. Do not hesitate to phone us at Bankruptcy Experts Hervey Bay if you have any kind of concerns on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsherveybay.com.au
What about my business or Company financial obligations?
In some cases when it involves Bankruptcy we can assist you with your business debts, call us regarding this first. Bear in mind bankruptcy applies to an individual not companies, trusts or businesses. Normally you may have to liquidate a business to take care of the debt this way. And when it comes to Bankruptcy, it can be a complex aspect, so always remember there are ramifications for a business owner like insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO could be eliminated with insolvency. If you have a business with any kind of debt get some advice because it is not always so simple when it concerns Bankruptcy because every single debt is going to be varied which will affect the level that it can be cleared, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Hervey Bay we are experts in business and personal liabilities and can better explain the exceptions to bankruptcy and what this will mean for you and your personal debts. So contact Bankruptcy Experts Hervey Bay if you have any queries concerning Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsherveybay.com.au