So how much will actually be eliminated? What financial obligations will I continue to be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it concerns Bankruptcy in Mildura I often have individuals either worried that their financial obligations won’t be cleared away, 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 make sure that the kind of financial debt you have is actually one that Insolvency will wipe clean!
Overall, when it concerns Bankruptcy, most financial obligations are eliminated, but I have developed 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 obligations occurring from uninsured Motor-vehicle claims and academic financial debts such as HECS or FEE-HELP. These particular financial obligations are not cleared away when you file for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some type 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 when you remove them you will lose the security.
So if you possess a $30,000 car loan, you can remove the liability through insolvency by simply giving the car back. That is merely one aspect that, when it comes to Bankruptcy, it is necessary to get specialist help – like that provided at Bankruptcy Experts Mildura since it just isn’t always as straightforward, but you should be reasonable and consider that you can not always maintain the property. Do not hesitate to call us at Bankruptcy Experts Mildura if you have any type of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsmildura.com.au
What about my business or Company debts?
Sometimes when it involves Bankruptcy we can assist you with your business liabilities, call us concerning this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Normally you may have to liquidate a company to take care of the debt this way. When it comes to Bankruptcy, it could be a tricky aspect, so remember there are ramifications for a local business owner like 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 always so easy when it involves Bankruptcy because every debt is going to be varied and that will affect the degree that it can be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Mildura we specialise in business and personal financial debts and can better explain the exceptions to bankruptcy and what this will mean for you and your liabilities. So phone Bankruptcy Experts Mildura if you have any concerns regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsmildura.com.au