So just how much will really be removed? What financial obligations will I still be left with? Is Bankruptcy actually going to assist me get a fresh start?
When it relates to Bankruptcy in Gold Coast I commonly have individuals either worried that their debt won’t be removed, or will have no idea that bankruptcy doesn’t actually address everything. So before you get too caught up with Bankruptcy please make certain that the sort of financial obligation you possess is actually one that Insolvency will wipe clean!
As a whole, when it relates to Bankruptcy, most debts are removed, but I have created a helpful table to help you out:
So as you can see, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any debts occurring from uninsured Motor-vehicle insurance claims and academic financial debts that include HECS or FEE-HELP. These kinds of financial 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 type of security attached to the financing– such as a car or house mortgage where the asset is the security– the difference with these sorts of financial debts is that when you eliminate them you will lose the security.
So if you have a $30,000 car loan, you can remove the financial obligation through personal bankruptcy by simply giving the car back. That is merely one aspect that, when it concerns Bankruptcy, it is necessary to get expert assistance – like that provided at Gold Coast Bankruptcy Centre as it isn’t always as straightforward, but you need to be realistic and remember that you can not always keep the asset. Feel free to call us at Gold Coast Bankruptcy Centre if you have any type of concerns on 1300 795 575. Or feel free to head to our website: www.goldcoastbankruptcycentre.com.au
What about my business or Company debts?
In some cases when it features Bankruptcy we can help you with your business liabilities, call us regarding this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may have to liquidate a company to deal with the liability this way. And when it concerns Bankruptcy, it could be an intricate aspect, so always remember there are ramifications for a business owner like insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO could be eliminated with insolvency. If you have a business with any kind of debt get some advice because it is not always so simple when it involves Bankruptcy because every single debt is going to be varied which will affect the level that it can be cleared, and the ramifications it will have for Bankruptcy.
At Gold Coast Bankruptcy Centre we are experts in business and personal debts and can better clarify the exceptions to bankruptcy and what this will mean for you and your personal debts. So call Gold Coast Bankruptcy Centre if you have any queries regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.goldcoastbankruptcycentre.com.au