So just how much will truly be eliminated? What debts will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it comes to Bankruptcy in Tennant Creek I often have individuals either stressed that their debt won’t be cleared away, or will have no idea that bankruptcy does not actually cover every little thing. So before you get too caught up with Bankruptcy please make certain that the kind of financial debt you have is actually one that Bankruptcy will wipe clean!
As a whole, when it involves Bankruptcy, most debts are eliminated, but I have created an useful table to help you out:
So as you can observe, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations occurring from uninsured Motor-vehicle insurance claims and academic debts such as HECS or FEE-HELP. These kinds of liabilities are not cleared away when you apply for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some sort of security attached to the financing– such as a car or house mortgage where the asset is the security– the difference with these sorts of debts is that whenever you remove them you will lose the security.
So if you possess a $30,000 vehicle loan, you can remove the liability through bankruptcy by simply giving the car back. That is merely one element that, when it comes to Bankruptcy, it is important to get expert assistance – like that supplied at Bankruptcy Experts Tennant Creek because it isn’t always as straightforward, but you should be realistic and remember that you can not always keep the asset. Don’t hesitate to phone us at Bankruptcy Experts Tennant Creek if you have any kind of concerns on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertstennantcreek.com.au
What about my business or Company financial obligations?
In many cases when it features Bankruptcy we can aid you with your business debts, call us regarding this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a company to handle the debt this way. When it concerns Bankruptcy, it can be a tricky area, so always remember there are effects for a local business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO can be eliminated with insolvency. If you have a business with any kind 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 and that will affect the degree that it could be cleared, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Tennant Creek we are experts in business and personal liabilities and can better explain the exceptions to bankruptcy and what this will mean for you and your debts. So phone Bankruptcy Experts Tennant Creek if you have any questions regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertstennantcreek.com.au