So how much will actually be eliminated? What financial obligations will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it comes to Bankruptcy in Frankston I frequently have people either worried that their debt won’t be removed, 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 personal debt you have is truly one that Bankruptcy will wipe clean!
As a whole, when it concerns Bankruptcy, most financial obligations are removed, but I have made a convenient table to help you out:
So as you can see, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial debts arising from uninsured Motor-vehicle claims and academic debts that include HECS or FEE-HELP. These kinds of financial obligations 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 type of security connected to the financing– such as a car or house loan where the asset is the security– the difference with these sorts of liabilities is that when you eliminate them you will lose the security.
So if you have a $30,000 vehicle loan, you can remove the liability through insolvency by simply offering the car back. This is just one element that, when it comes to Bankruptcy, it is necessary to get expert assistance – like that offered at Bankruptcy Experts Frankston as it isn’t always as straightforward, but you should be practical and bear in mind that you can not always retain the possession. Feel free to contact us at Bankruptcy Experts Frankston if you have any kind of questions on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcyexpertsfrankston.com.au
What about my business or Company debts?
Sometimes when it involves 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. And when it concerns Bankruptcy, it may be a tricky aspect, so 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 could be removed with bankruptcy. If you have a business with any kind of debt get some advice because it is not always so simple when it involves Bankruptcy because every single debt is going to be different and that will affect the level that it could be removed, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Frankston we specialise in business and personal financial debts and can better clarify the exemptions to bankruptcy and what this will mean for you and your financial debts. So call Bankruptcy Experts Frankston if you have any concerns regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsfrankston.com.au