So what amount will actually be cleared away? What financial debts will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it concerns Bankruptcy in Maitland I commonly have people either stressed that their debt won’t be removed, or will have no idea that bankruptcy doesn’t actually address every single thing. So before you get too caught up with Bankruptcy please ascertain that the type of debt you possess is actually one that Insolvency will wipe clean!
As a whole, when it concerns Bankruptcy, most financial debts are eliminated, but I have made a convenient table to help you out:
So as you can observe, a few of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial obligations arising from uninsured Motor-vehicle insurance claims and educational financial obligations that include HECS or FEE-HELP. These particular liabilities are not cleared away when you file for 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 loan where the asset is the security– the difference with these forms of debts is that whenever you remove them you will lose the security.
So if you have a $30,000 car loan, you can wipe the liability through bankruptcy by simply offering the car back. That is merely one facet that, when it comes to Bankruptcy, it is important to get professional help – like that offered at Bankruptcy Experts Maitland since it isn’t always as easy, but you should be realistic and bear in mind that you can not always keep the possession. Feel free to call us at Bankruptcy Experts Maitland if you have any type of concerns on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsmaitland.com.au
What about my business or Company financial obligations?
In some cases when it includes Bankruptcy we can assist you with your business debts, call us regarding this first. Don’t forget bankruptcy relates to an individual not companies, trusts or businesses. Normally you may have to liquidate a company to handle the financial debt this way. When it comes to Bankruptcy, it may be a complex area, so just remember there are effects for a local business owner such as insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO might be removed with insolvency. If you have a business with any type of debt get some guidance because it is not often so easy when it comes to Bankruptcy because every debt is going to be different which will affect the degree that it can be cleared, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Maitland we are experts in business and personal liabilities and can better explain the exemptions to bankruptcy and what this will mean for you and your personal debts. So call Bankruptcy Experts Maitland if you have any concerns regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsmaitland.com.au