So how much will really be removed? What debts will I still be left with? Is Bankruptcy really going to assist me get a fresh start?
When it concerns Bankruptcy in Newcastle I commonly have people either worried that their debt won’t be removed, or will have no idea that bankruptcy does not really pay for every single thing. So before you get too caught up with Bankruptcy please ascertain that the kind of debt you possess is truly one that Insolvency will wipe clean!
As a whole, when it involves Bankruptcy, most debts are erased, but I have designed an useful table to help you out:
So as you can see, a number of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts occurring from uninsured Motor-vehicle insurance claims and academic debts that include HECS or FEE-HELP. These kinds of financial debts are not cleared away when you declare personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some sort of security attached to the loan– such as a car or house loan where the property is the security– the difference with these forms of liabilities is that whenever you remove them you will lose the security.
So if you have a $30,000 vehicle loan, you can wipe the debt through bankruptcy by simply offering the car back. That is merely one facet that, when it concerns Bankruptcy, it is necessary to get experienced assistance – like that supplied at Bankruptcy Experts Newcastle since it isn’t always as easy, but you need to be realistic and bear in mind that you can not always keep the possession. Do not hesitate to call us at Bankruptcy Experts Newcastle if you have any kind of queries on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsnewcastle.com.au
What about my business or Company debts?
In some cases when it includes Bankruptcy we can help you with your business liabilities, call us concerning this first. Bear in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to take care of the financial debt this way. And when it concerns Bankruptcy, it can be an intricate area, so always remember there are implications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO could be erased with bankruptcy. If you have a business with any type of debt get some guidance because it is not always so simple when it comes to Bankruptcy because every single debt is going to be different which will affect the level that it could be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Newcastle we specialise in business and personal financial debts and can better clarify the exceptions to bankruptcy and what this will mean for you and your personal debts. So phone Bankruptcy Experts Newcastle if you have any queries concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsnewcastle.com.au