So how much will truly be cleared away? What debts will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it comes to Bankruptcy in Sunshine Coast I frequently have individuals either stressed that their financial obligations won’t be cleared away, or will have no idea that bankruptcy does not actually cover every single thing. So before you get too caught up with Bankruptcy please ensure that the form of financial debt you have is actually one that Bankruptcy will wipe clean!
Overall, when it concerns Bankruptcy, most liabilities are removed, but I have made a helpful table to help you out:
So as you can observe, a number of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial debts arising from uninsured Motor-vehicle claims and educational debts which include HECS or FEE-HELP. These particular liabilities are not cleared away when you apply for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some kind of security connected to the loan– such as a car or house loan where the asset is the security– the difference with these kinds of liabilities is that when you remove them you will lose the security.
So if you have a $30,000 car loan, you can wipe the liability through personal bankruptcy by simply offering the car back. This is merely one aspect that, when it comes to Bankruptcy, it is necessary to get specialist help – like that supplied at Bankruptcy Experts Sunshine Coast as it just isn’t always as easy, but you should be reasonable and keep in mind that you can not always maintain the asset. Don’t hesitate to phone us at Bankruptcy Experts Sunshine Coast if you have any type of queries on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertssunshinecoast.com.au
What about my business or Company financial obligations?
Sometimes when it features Bankruptcy we can assist you with your business liabilities, call us concerning this first. Keep in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to deal with the debt this way. When it concerns Bankruptcy, it can be a complex aspect, so 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 eliminated with bankruptcy. If you have a business with any type of debt get some advice because it is not always so simple when it comes to Bankruptcy because every single debt is going to be different and that will impact the level that it can be cleared, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Sunshine Coast we are experts in business and personal debts and can better discuss the exceptions to bankruptcy and what this will mean for you and your debts. So phone Bankruptcy Experts Sunshine Coast if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertssunshinecoast.com.au