So just how much will really be eliminated? What financial obligations will I continue to be left with? Is Bankruptcy actually going to assist me get a fresh start?
When it comes to Bankruptcy in Alice Springs I frequently have individuals either stressed that their debt won’t be cleared away, or will have no idea that bankruptcy does not really address everything. So before you get too caught up with Bankruptcy please make sure that the kind of financial obligation you possess is truly one that Bankruptcy will wipe clean!
As a whole, when it comes to Bankruptcy, most liabilities are wiped out, but I have produced a helpful table to help you out:
So as you can observe, a few of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any debts occurring from uninsured Motor-vehicle claims and educational debts that include HECS or FEE-HELP. These particular debts are not cleared away when you declare personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some sort of security attached to the financing– like a car or house mortgage where the asset is the security– the big difference with these kinds 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 debt through bankruptcy by simply giving the car back. That is just one aspect that, when it concerns Bankruptcy, it is essential to get experienced help – like that offered at Bankruptcy Experts Alice Springs since it isn’t always as easy, but you should be practical and keep in mind that you can not always keep the asset. Do not hesitate to contact us at Bankruptcy Experts Alice Springs if you have any kind of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsalicesprings.com.au
What about my business or Company financial obligations?
In many cases when it features Bankruptcy we can help you with your business debts, call us regarding this first. Don’t forget bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a business to handle the financial debt this way. When it comes to Bankruptcy, it may be a complicated aspect, so just remember there are ramifications for a local business owner like insolvent trading.
So what about Tax Debts?
Both business and personal financial obligations owing to the ATO might be eliminated with insolvency. If you have a business with any kind of debt get some guidance because it is not always so easy when it involves Bankruptcy because every debt is going to be different which will impact the level that it can be cleared, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Alice Springs we specialise in business and personal liabilities and can better explain the exemptions to bankruptcy and what this will mean for you and your financial obligations. So phone Bankruptcy Experts Alice Springs if you have any concerns regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsalicesprings.com.au