So what amount will really be eliminated? What financial obligations will I continue to be left with? Is Bankruptcy really going to assist me get a fresh start?
When it concerns Bankruptcy in Dubbo I frequently have individuals either stressed that their debt won’t be eliminated, or will have no idea that bankruptcy does not really pay for everything. So before you get too caught up with Bankruptcy please make sure that the sort of personal debt you possess is actually one that Bankruptcy will wipe clean!
As a whole, when it relates to Bankruptcy, most liabilities are wiped out, but I have generated a convenient table to help you out:
So as you can see, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts occurring from uninsured Motor-vehicle claims and academic debts such as HECS or FEE-HELP. These debts are not cleared away when you declare personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some sort of security attached to the financing– like 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 have a $30,000 car loan, you can remove the debt through bankruptcy by simply offering the car back. That is merely one facet that, when it concerns Bankruptcy, it is necessary to get specialist assistance – like that offered at Bankruptcy Experts Dubbo because it just isn’t always as easy, but you should be reasonable and consider that you can not always retain the property. Do not hesitate to call us at Bankruptcy Experts Dubbo if you have any type of questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsdubbo.com.au
What about my business or Company debts?
In many cases when it involves Bankruptcy we can help you with your business liabilities, call us regarding this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to deal with the debt this way. And when it concerns Bankruptcy, it may be a tricky aspect, so just remember there are ramifications 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 bankruptcy. 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 single debt is going to be varied which will affect the degree that it could be removed, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Dubbo 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 personal debts. So call Bankruptcy Experts Dubbo if you have any queries concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsdubbo.com.au