So what amount will truly be eliminated? What financial obligations will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it comes to Bankruptcy in Townsville I commonly have people either worried that their financial obligations won’t be removed, or will have no idea that bankruptcy does not really cover every little thing. So before you get too caught up with Bankruptcy please ensure that the kind of financial debt you possess is really one that Insolvency will wipe clean!
Overall, when it relates to Bankruptcy, most unpaid debts are wiped out, but I have made a handy table to help you out:
So as you can see, a number of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any debts occurring from uninsured Motor-vehicle claims and academic financial debts that include HECS or FEE-HELP. These particular liabilities are not cleared away when you apply for bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some kind of security connected to the loan– like a car or house loan where the property is the security– the big difference with these forms of debts is that when you eliminate them you will lose the security.
So if you possess a $30,000 car loan, you can remove the financial obligation through insolvency by simply offering the car back. This is merely one aspect that, when it concerns Bankruptcy, it is essential to get specialist assistance – like that supplied at Bankruptcy Experts Townsville because it isn’t always as straightforward, but you should be reasonable and consider that you can not always keep the asset. Feel free to call us at Bankruptcy Experts Townsville if you have any type of concerns on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertstownsville.com.au
What about my business or Company financial obligations?
Sometimes when it features Bankruptcy we can assist you with your business liabilities, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a business to handle the liability this way. And when it comes to Bankruptcy, it could be a complicated 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 financial obligations owing to the ATO can be erased with insolvency. If you have a business with any kind of debt get some guidance because it is not always so easy when it involves Bankruptcy because every debt is going to be varied and that will impact the level that it could be cleared, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Townsville we specialise in business and personal financial debts and can better discuss the exemptions to bankruptcy and what this will mean for you and your financial debts. So phone Bankruptcy Experts Townsville if you have any inquiries concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertstownsville.com.au