So just how much will really be removed? What financial debts will I still be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it comes to Bankruptcy in Joondalup I commonly have individuals either stressed that their financial obligations won’t be cleared away, or will have no idea that bankruptcy doesn’t actually pay for everything. So before you get too caught up with Bankruptcy please ensure that the kind of personal debt you possess is actually one that Bankruptcy will wipe clean!
Overall, when it concerns Bankruptcy, most debts are removed, but I have developed a convenient table to help you out:
So as you can discover, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts arising from uninsured Motor-vehicle insurance claims and academic financial debts that include HECS or FEE-HELP. These kinds of financial debts are not cleared away when you file for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some kind of security attached to the loan– such as a car or house mortgage where the asset is the security– the big difference with these sorts of financial debts is that whenever you eliminate them you will lose the security.
So if you possess a $30,000 vehicle loan, you can wipe the debt through personal bankruptcy by simply giving the car back. This is just one facet that, when it concerns Bankruptcy, it is necessary to get experienced help – like that offered at Bankruptcy Experts Joondalup since it isn’t always as simple, but you should be reasonable and remember that you can not always keep the property. Don’t hesitate to phone us at Bankruptcy Experts Joondalup if you have any kind of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsjoondalup.com.au
What about my business or Company debts?
In some cases when it features Bankruptcy we can assist you with your business liabilities, call us concerning this first. Remember bankruptcy relates 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 may be a tricky aspect, so always remember there are implications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO could be eliminated with bankruptcy. If you have a business with any kind of debt get some advice because it is not often so simple when it concerns Bankruptcy because every debt is going to be varied and that will affect the degree that it can be cleared, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Joondalup we are experts in business and personal liabilities and can better clarify the exceptions to bankruptcy and what this will mean for you and your personal debts. So contact Bankruptcy Experts Joondalup if you have any questions concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsjoondalup.com.au