So how much will actually be eliminated? What debts will I still be left with? Is Bankruptcy really going to aid me get a fresh start?
When it relates to Bankruptcy in Fremantle I frequently have people either stressed that their financial obligations won’t be removed, or will have no idea that bankruptcy does not really address every single thing. So before you get too caught up with Bankruptcy please ascertain that the type of personal debt you have is actually one that Bankruptcy will wipe clean!
As a whole, when it concerns Bankruptcy, most liabilities are eliminated, but I have developed a convenient table to help you out:
So as you can observe, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial obligations occurring from uninsured Motor-vehicle insurance claims and educational financial obligations such as HECS or FEE-HELP. These particular liabilities are not cleared away when you declare insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some sort of security attached to the financing– such as a car or house loan where the property is the security– the big difference with these kinds of debts is that whenever you eliminate them you will lose the security.
So if you have a $30,000 vehicle loan, you can wipe the liability through insolvency by simply offering the car back. That is just one aspect that, when it comes to Bankruptcy, it is essential to get expert assistance – like that supplied at Bankruptcy Experts Fremantle because it just isn’t always as straightforward, but you should be realistic and consider that you can not always retain the property. Don’t hesitate to phone us at Bankruptcy Experts Fremantle if you have any kind of concerns on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsfremantle.com.au
What about my business or Company financial obligations?
Sometimes when it involves Bankruptcy we can aid you with your business debts, call us regarding this first. Don’t forget bankruptcy relates to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to deal with the debt this way. When it concerns Bankruptcy, it can be an intricate aspect, so just remember there are ramifications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO can be removed with insolvency. If you have a business with any type of debt get some guidance because it is not always so easy when it involves Bankruptcy because every single debt is going to be varied and that will affect the degree that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Fremantle 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 debts. So call Bankruptcy Experts Fremantle if you have any queries regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsfremantle.com.au