So how much will actually be eliminated? What financial obligations will I still be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it concerns Bankruptcy in Dandenong I often have individuals either worried that their debt won’t be removed, or will have no idea that bankruptcy does not really pay for everything. So before you get too caught up with Bankruptcy please ascertain that the kind of debt you have is really one that Insolvency will wipe clean!
As a whole, when it refers to Bankruptcy, most debts are removed, but I have generated a helpful table to help you out:
So as you can discover, a number 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 obligations that include HECS or FEE-HELP. These particular debts are not cleared away when you file for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some sort of security connected to the financing– like a car or house mortgage where the asset is the security– the difference with these types 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 financial obligation through personal bankruptcy by simply offering the car back. This is merely one element that, when it concerns Bankruptcy, it is necessary to get specialist help – like that supplied at Bankruptcy Experts Dandenong because it isn’t always as straightforward, but you need to be practical and keep in mind that you can not always maintain the property. Feel free to contact us at Bankruptcy Experts Dandenong if you have any kind of concerns on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcyexpertsdandenong.com.au
What about my business or Company financial obligations?
In some cases when it involves Bankruptcy we can help you with your business debts, call us concerning this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a company to deal with the debt this way. And when it concerns Bankruptcy, it could be a complicated area, so just remember there are implications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO might be removed with bankruptcy. If you have a business with any type of debt get some guidance because it is not always so easy when it concerns Bankruptcy because every single debt is going to be different which will impact the degree that it can be removed, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Dandenong we specialise in business and personal financial debts and can better explain the exceptions to bankruptcy and what this will mean for you and your financial debts. So contact Bankruptcy Experts Dandenong if you have any questions regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsdandenong.com.au