So how much will truly be removed? What debts will I continue to be left with? Is Bankruptcy really going to aid me get a fresh start?
When it comes to Bankruptcy in Penrith I commonly have people either stressed that their financial obligations won’t be eliminated, or will have no idea that bankruptcy does not actually address every little thing. So before you get too caught up with Bankruptcy please make certain that the type of debt you possess is really one that Bankruptcy will wipe clean!
As a whole, when it concerns Bankruptcy, most debts are eliminated, but I have generated an useful table to help you out:
So as you can observe, a number of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts occurring from uninsured Motor-vehicle insurance claims and academic financial debts which include HECS or FEE-HELP. These kinds of 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 big difference with these forms of financial debts 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 insolvency by simply giving the car back. This is just one aspect that, when it concerns Bankruptcy, it is necessary to get specialist help – like that provided at Bankruptcy Experts Penrith as it isn’t always as simple, but you need to be practical and remember that you can not always keep the asset. Don’t hesitate to contact us at Bankruptcy Experts Penrith if you have any type of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertspenrith.com.au
What about my business or Company debts?
Sometimes when it features Bankruptcy we can aid you with your business liabilities, call us regarding this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a business to take care of the liability this way. And when it comes to Bankruptcy, it may be a complex area, so always remember there are ramifications for a business owner such as insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO could be removed with insolvency. If you have a business with any kind of debt get some guidance because it is not always so simple when it involves Bankruptcy because every debt is going to be different which will impact the degree that it can be cleared, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Penrith we are experts in business and personal liabilities and can better discuss the exemptions to bankruptcy and what this will mean for you and your financial debts. So contact Bankruptcy Experts Penrith if you have any queries regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertspenrith.com.au