So what amount will really be eliminated? What financial debts will I still be left with? Is Bankruptcy really going to assist me get a fresh start?
When it comes to Bankruptcy in Melbourne I often have individuals either worried that their debt won’t be eliminated, or will have no idea that bankruptcy doesn’t actually address every little thing. So before you get too caught up with Bankruptcy please make certain that the kind of personal debt you possess is really one that Insolvency will wipe clean!
Overall, when it involves Bankruptcy, most personal debts are eliminated, but I have designed a convenient table to help you out:
So as you can observe, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial debts arising from uninsured Motor-vehicle insurance claims and academic financial debts such as HECS or FEE-HELP. These particular financial debts are not cleared away when you declare bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some kind of security attached 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 when you eliminate 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 offering the car back. That is just one aspect that, when it comes to Bankruptcy, it is important to get expert help – like that offered at Bankruptcy Melbourne since it just isn’t always as simple, but you should be realistic and consider that you can not always keep the possession. Don’t hesitate to call us at Bankruptcy Melbourne if you have any type of queries on 1300 795 575. Or don’t hesitate to visit our website: www.bankruptcymelbourne.com.au
What about my business or Company financial obligations?
In some cases when it involves Bankruptcy we can assist you with your business debts, call us concerning this first. Remember bankruptcy relates to an individual not companies, trusts or businesses. Normally you may have to liquidate a company to take care of the debt this way. And when it comes to Bankruptcy, it could be an intricate aspect, so always remember there are effects for a business owner like 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 concerns Bankruptcy because every single debt is going to be different which will impact the level that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Melbourne we specialise in business and personal liabilities and can better discuss the exceptions to bankruptcy and what this will mean for you and your debts. So contact Bankruptcy Melbourne if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcymelbourne.com.au