So how much will certainly be eliminated? What financial obligations will I still be left with? Is Bankruptcy really going to help me get a fresh start?
When it concerns Bankruptcy in Perth I often have people either worried that their debt won’t be cleared away, or will have no idea that bankruptcy doesn’t really address every single thing. So before you get too caught up with Bankruptcy please ensure that the sort of debt you possess is really one that Insolvency will wipe clean!26
Overall, when it comes to Bankruptcy, most financial debts are wiped out, but I have made an useful table to help you out:
So as you can observe, a few 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 such as HECS or FEE-HELP. These kinds of financial obligations are not cleared away when you apply for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some type of security connected to the financing– such as a car or house loan where the asset is the security– the big difference with these forms of liabilities is that whenever you eliminate them you will lose the security.
So if you possess a $30,000 car loan, you can remove the financial obligation through insolvency by simply giving the car back. This is just one aspect that, when it concerns Bankruptcy, it is essential to get experienced help – like that offered at Bankruptcy Experts Perth since it just isn’t always as straightforward, but you need to be practical and keep in mind that you can not always maintain the possession. Feel free to call us at Bankruptcy Experts Perth if you have any kind of concerns on 1300 795 575. Or don’t hesitate to head to our website: www.bankruptcyexpertsperth.com.au
What about my business or Company debts?
Sometimes when it involves Bankruptcy we can aid you with your business liabilities, call us regarding this first. Bear in mind bankruptcy relates to an individual not companies, trusts or businesses. Usually you may have to liquidate a business to handle the financial debt this way. And when it comes to Bankruptcy, it can be an intricate aspect, so just remember there are effects for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO could be removed with insolvency. 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 degree that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Perth we specialise in business and personal debts and can better discuss the exceptions to bankruptcy and what this will mean for you and your liabilities. So phone Bankruptcy Experts Perth if you have any inquiries concerning Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsperth.com.au