So what amount will truly be cleared away? What financial obligations will I continue to be left with? Is Bankruptcy really going to assist me get a fresh start?
When it relates to Bankruptcy in Tweed Coast I commonly have individuals either stressed that their debt won’t be removed, or will have no idea that bankruptcy doesn’t actually pay for every single thing. So before you get too caught up with Bankruptcy please make sure that the form of financial debt you have is really one that Insolvency will wipe clean!
Overall, when it comes to Bankruptcy, most financial obligations are wiped out, 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 arising from uninsured Motor-vehicle claims and academic financial debts that include HECS or FEE-HELP. These kinds of financial debts are not cleared away when you apply for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some sort of security attached to the loan– such as a car or house loan where the asset is the security– the 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 bankruptcy by simply giving the car back. That is merely one element that, when it concerns Bankruptcy, it is essential to get expert assistance – like that supplied at Bankruptcy Experts Tweed Coast as it isn’t always as easy, but you should be realistic and keep in mind that you can not always retain the asset. Don’t hesitate to phone us at Bankruptcy Experts Tweed Coast if you have any type of concerns on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertstweedcoast.com.au
What about my business or Company debts?
In some cases when it involves Bankruptcy we can aid you with your business debts, call us concerning this first. Remember bankruptcy relates to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to handle the debt this way. And when it concerns Bankruptcy, it may be a complex aspect, so remember there are effects for a business owner like insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO can be removed with bankruptcy. If you have a business with any type of debt get some advice because it is not always so simple when it involves Bankruptcy because every debt is going to be varied and that will impact the level that it can be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Tweed Coast we are experts in business and personal debts and can better discuss the exceptions to bankruptcy and what this will mean for you and your debts. So phone Bankruptcy Experts Tweed Coast if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: Bankruptcy Tweedcoast