|October 25, 2016||Comments Closed|
So what amount will really be cleared away? What financial debts will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it relates to Bankruptcy in Bendigo I frequently have people either worried that their debt won’t be remo25ved, or will have no idea that bankruptcy does not really cover every little thing. So before you get too caught up with Bankruptcy please make sure that the sort of personal debt you possess is truly one that Insolvency will wipe clean!
As a whole, when it comes to Bankruptcy, most financial debts are removed, but I have created a convenient table to help you out:
So as you can see, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any debts occurring from uninsured Motor-vehicle insurance claims and educational financial debts that include HECS or FEE-HELP. These kinds of debts are not cleared away when you declare personal bankruptcy.
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 mortgage where the asset is the security– the big difference with these kinds of liabilities is that when you remove them you will lose the security.
So if you possess a $30,000 car loan, you can wipe the liability through insolvency by simply giving the car back. This is just one facet that, when it comes to Bankruptcy, it is important to get specialist help – like that offered at Bankruptcy Experts Bendigo because it just isn’t always as straightforward, but you should be reasonable and keep in mind that you can not always retain the property. Don’t hesitate to contact us at Bankruptcy Experts Bendigo if you have any type of queries on 1300 818 575. Or feel free to visit our website: www.bankruptcyexpertsbendigo.com.au
What about my business or Company financial obligations?
In some cases when it involves Bankruptcy we can help you with your business liabilities, call us concerning this first. Keep in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a company to take care of the liability this way. When it concerns Bankruptcy, it can be an intricate aspect, so just remember there are implications for a local business owner such as insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO could be erased with insolvency. If you have a business with any kind of debt get some advice because it is not often so easy 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 effects it will have for Bankruptcy.
At Bankruptcy Experts Bendigo we specialise in business and personal financial debts and can better clarify the exceptions to bankruptcy and what this will mean for you and your debts. So phone Bankruptcy Experts Bendigo if you have any queries regarding Bankruptcy on 1300 818 575. Or feel free to go to our website: www.bankruptcyexpertsbendigo.com.au