So just how much will truly be eliminated? What financial debts will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it relates to Bankruptcy in Gosford I frequently have individuals either stressed that their financial obligations won’t be removed, or will have no idea that bankruptcy does not actually address everything. So before you get too caught up with Bankruptcy please make sure that the kind of financial obligation you possess is actually one that Bankruptcy will wipe clean!
Overall, when it relates to Bankruptcy, most financial debts are erased, but I have generated an useful table to help you out:
So as you can observe, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial debts occurring from uninsured Motor-vehicle insurance claims and academic financial debts such as HECS or FEE-HELP. These financial obligations are not cleared away when you declare insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some sort of security connected to the loan– such as a car or house loan where the property is the security– the difference with these sorts of liabilities is that when you remove them you will lose the security.
So if you have a $30,000 vehicle loan, you can wipe the debt through bankruptcy by simply offering the car back. That is merely one element that, when it concerns Bankruptcy, it is necessary to get experienced help – like that provided at Bankruptcy Experts Gosford since it isn’t always as easy, but you need to be realistic and consider that you can not always keep the property. Feel free to phone us at Bankruptcy Experts Gosford if you have any kind of questions on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcyexpertsgosford.com.au
What about my business or Company financial obligations?
In some cases when it includes Bankruptcy we can aid you with your business debts, call us concerning this first. Keep in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to take care of the liability this way. When it comes to Bankruptcy, it can be a complicated area, so always 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 could be removed with insolvency. If you have a business with any kind of debt get some advice because it is not always so easy when it involves Bankruptcy because every single debt is going to be different and that will impact the degree that it can be cleared, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Gosford we specialise in business and personal debts and can better clarify the exemptions to bankruptcy and what this will mean for you and your liabilities. So phone Bankruptcy Experts Gosford if you have any concerns regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsgosford.com.au