So how much will actually be eliminated? What debts will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it concerns Bankruptcy in Hobart I frequently have people either worried that their debt won’t be eliminated, or will have no idea that bankruptcy doesn’t really pay for every little thing. So before you get too caught up with Bankruptcy please make sure that the form of financial obligation you possess is really one that Bankruptcy will wipe clean!
As a whole, when it concerns Bankruptcy, most unpaid debts are wiped out, but I have made a handy table to help you out:
So as you can discover, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial debts arising from uninsured Motor-vehicle claims and educational financial obligations that include HECS or FEE-HELP. These particular liabilities are not cleared away when you apply for bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some type of security attached to the financing– like a car or house loan where the property is the security– the difference with these types of debts 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 personal bankruptcy by simply giving the car back. This is just one element that, when it concerns Bankruptcy, it is necessary to get experienced help – like that provided at Bankruptcy Experts Hobart since it isn’t always as simple, but you need to be reasonable and bear in mind that you can not always keep the possession. Feel free to contact us at Bankruptcy Experts Hobart if you have any kind of queries on 1300 795 575. Or don’t hesitate to head to our website: www.bankruptcyexpertshobart.com.au
What about my business or Company debts?
In many cases when it involves Bankruptcy we can help you with your business debts, call us regarding this first. Keep in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a company to handle the financial debt this way. And when it comes to Bankruptcy, it may be a complex area, so remember there are ramifications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO could be erased with insolvency. If you have a business with any type of debt get some guidance because it is not often so simple when it involves Bankruptcy because every single debt is going to be varied and that will affect the degree that it could be removed, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Hobart we specialise in business and personal debts and can better clarify the exemptions to bankruptcy and what this will mean for you and your liabilities. So phone Bankruptcy Experts Hobart if you have any questions concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertshobart.com.au