Bankruptcy in Geelong – What Debts are removed by Bankruptcy?
So just how much will certainly be eliminated? What financial debts will I continue to be left with? Is Bankruptcy really going to help me get a fresh start?
When it concerns Bankruptcy in Geelong I frequently have individuals either stressed that their financial obligations won’t be removed, or will have no idea that bankruptcy does not really address everything. So before you get too caught up with Bankruptcy please make certain that the sort of financial obligation you possess is truly one that Bankruptcy will wipe clean!
As a whole, when it comes to Bankruptcy, most financial obligations are eliminated, but I have produced a handy table to help you out:
So as you can discover, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial obligations occurring from uninsured Motor-vehicle claims and educational financial obligations such as HECS or FEE-HELP. These particular financial debts are not cleared away when you declare insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some kind of security attached to the loan– such as a car or house mortgage where the asset is the security– the difference with these kinds of liabilities is that when you eliminate them you will lose the security.
So if you have a $30,000 car loan, you can wipe the debt through insolvency by simply giving the car back. That is just one aspect that, when it comes to Bankruptcy, it is important to get experienced help – like that offered at Bankruptcy Experts Geelong since it isn’t always as straightforward, but you need to be practical and remember that you can not always retain the property. Feel free to contact us at Bankruptcy Experts Geelong if you have any kind of questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsgeelong.com.au
What about my business or Company financial obligations?
Sometimes when it involves Bankruptcy we can assist you with your business debts, call us regarding this first. Keep in mind bankruptcy relates 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 comes to Bankruptcy, it could be a tricky aspect, so just remember there are effects for a business owner like insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO might be removed with insolvency. If you have a business with any kind 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 different and that will impact the level that it could be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Geelong 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 personal debts. So call Bankruptcy Experts Geelong if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsgeelong.com.au