So how much will actually be cleared away? What financial debts will I continue to be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it relates to Bankruptcy in Albury I frequently have people either stressed that their debt won’t be cleared away, or will have no idea that bankruptcy doesn’t really address every single thing. So before you get too caught up with Bankruptcy please make certain that the type of debt you possess is really one that Insolvency will wipe clean!
As a whole, when it concerns Bankruptcy, most financial debts are erased, but I have created a handy table to help you out:
So as you can see, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial debts arising from uninsured Motor-vehicle claims and educational debts such as HECS or FEE-HELP. These particular financial debts 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 sort of security connected to the loan– such as a car or house mortgage where the asset is the security– the big difference with these kinds of liabilities is that whenever you eliminate them you will lose the security.
So if you have a $30,000 car loan, you can wipe the debt through insolvency by simply giving the car back. This is merely one aspect that, when it comes to Bankruptcy, it is essential to get expert assistance – like that offered at Bankruptcy Experts Albury since it isn’t always as simple, but you need to be reasonable and remember that you can not always keep the possession. Do not hesitate to call us at Bankruptcy Experts Albury if you have any type of queries on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcyexpertsalbury.com.au
What about my business or Company financial obligations?
In many cases when it features Bankruptcy we can help you with your business debts, call us regarding this first. Bear in mind bankruptcy relates to an individual not companies, trusts or businesses. Normally you may have to liquidate a business to handle the liability this way. When it concerns Bankruptcy, it could be an intricate area, so just remember there are effects for a business owner such as 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 often so simple when it involves Bankruptcy because every debt is going to be varied which will impact the degree that it could be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Albury we are experts in business and personal financial debts and can better explain the exceptions to bankruptcy and what this will mean for you and your financial obligations. So call Bankruptcy Experts Albury if you have any concerns concerning Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsalbury.com.au