Bankruptcy in Wollongong – What Debts are removed by Bankruptcy?
So what amount will really be eliminated? What financial obligations will I still be left with? Is Bankruptcy actually going to aid me get a fresh start?
When it comes to Bankruptcy in Wollongong I commonly have people either stressed that their debt won’t be cleared away, or will have no idea that bankruptcy does not actually pay for every single thing. So before you get too caught up with Bankruptcy please ascertain that the sort of financial obligation you have is really one that Bankruptcy will wipe clean!
As a whole, when it refers to Bankruptcy, most financial debts are erased, but I have produced a convenient table to help you out:
So as you can discover, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations arising from uninsured Motor-vehicle claims and academic debts which include HECS or FEE-HELP. These particular financial debts are not cleared away when you apply for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some kind of security connected to the financing– such as a car or house mortgage where the asset is the security– the big difference with these forms of liabilities is that whenever you remove them you will lose the security.
So if you possess a $30,000 car loan, you can remove the debt through bankruptcy by simply offering the car back. This is just one element that, when it concerns Bankruptcy, it is necessary to get professional assistance – like that supplied at Bankruptcy Experts Wollongong because it just isn’t always as easy, but you need to be reasonable and remember that you can not always retain the asset. Don’t hesitate to call us at Bankruptcy Experts Wollongong if you have any type of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertswollongong.com.au
What about my business or Company financial obligations?
In many cases when it includes Bankruptcy we can assist you with your business debts, call us concerning this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to handle the debt this way. When it concerns Bankruptcy, it may be an intricate aspect, so always remember there are effects for a local business owner including insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO might be erased with bankruptcy. If you have a business with any type of debt get some advice because it is not often so simple when it comes to Bankruptcy because every single debt is going to be varied which will impact the level that it could be cleared, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Wollongong we are experts in business and personal financial debts and can better clarify the exceptions to bankruptcy and what this will mean for you and your liabilities. So phone Bankruptcy Experts Wollongong if you have any queries concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertswollongong.com.au