So just how much will truly be eliminated? What financial obligations will I still be left with? Is Bankruptcy really going to aid me get a fresh start?
When it concerns Bankruptcy in Lismore I commonly have individuals either worried that their financial obligations won’t be removed, or will have no idea that bankruptcy doesn’t really address 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!
Overall, when it relates to Bankruptcy, most financial obligations are wiped out, but I have made a helpful table to help you out:
So as you can observe, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations occurring from uninsured Motor-vehicle insurance claims and educational financial obligations which include HECS or FEE-HELP. These particular debts are not cleared away when you file for personal bankruptcy.
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 types of liabilities is that whenever you remove them you will lose the security.
So if you possess a $30,000 vehicle loan, you can wipe the debt through insolvency by simply offering the car back. This is merely one element that, when it concerns Bankruptcy, it is essential to get expert help – like that offered at Bankruptcy Experts Lismore since it isn’t always as straightforward, but you should be realistic and keep in mind that you can not always keep the possession. Don’t hesitate to call us at Bankruptcy Experts Lismore if you have any type of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertslismore.com.au
What about my business or Company financial obligations?
In many cases when it involves Bankruptcy we can aid you with your business liabilities, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to take care of the financial debt this way. When it comes to Bankruptcy, it may be a complex aspect, so remember there are implications for a local business owner such as 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 type of debt get some advice because it is not always so easy when it concerns Bankruptcy because every debt is going to be different which will affect the level that it can be cleared, and the implications it will have for Bankruptcy.
At Bankruptcy Experts Lismore we specialise in business and personal liabilities and can better clarify the exemptions to bankruptcy and what this will mean for you and your financial obligations. So contact Bankruptcy Experts Lismore if you have any questions regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertslismore.com.au