- Oct 25, 2016
So what amount will truly be cleared away? What debts will I continue to be left with? Is Bankruptcy actually going to assist me get a fresh start?
When it concerns Bankruptcy in Cairns I often have individuals either worried that their financial obligations won’t be cleared away, or will have no idea that bankruptcy does not really cover every single thing. So before you get too caught up with Bankruptcy please make certain that the type of financial debt you have is really one that Insolvency will wipe clean!
Overall, when it comes to Bankruptcy, most liabilities are removed, but I have produced a helpful table to help you out:
So as you can discover, some of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts occurring from uninsured Motor-vehicle claims and educational financial obligations that include HECS or FEE-HELP. These kinds of debts are not cleared away when you apply for insolvency.
But what happens with Bankruptcy and Secured Debts?
A secured debt is unpaid debt that has some sort of security attached to the loan– such as a car or house mortgage where the asset is the security– the big difference with these types of liabilities is that when you eliminate them you will lose the security.
So if you possess a $30,000 car loan, you can remove the debt through personal bankruptcy by simply giving the car back. This is just one element that, when it comes to Bankruptcy, it is essential to get experienced assistance – like that offered at Bankruptcy Experts Cairns since it just isn’t always as straightforward, but you need to be practical and remember that you can not always maintain the asset. Do not hesitate to call us at Bankruptcy Experts Cairns if you have any kind of questions on 1300 795 575. Or don’t hesitate to head to our website: www.bankruptcyexpertscairns.com.au
What about my business or Company financial obligations?
In some cases when it features Bankruptcy we can help you with your business debts, call us concerning this first. Don’t forget bankruptcy relates to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to handle the financial debt this way. When it comes to Bankruptcy, it could be a complicated aspect, so remember there are effects for a business owner including 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 type of debt get some guidance because it is not always so simple when it involves Bankruptcy because every single debt is going to be varied which will impact the degree that it could be cleared, and the effects it will have for Bankruptcy.
At Bankruptcy Experts Cairns we are experts in business and personal financial debts and can better explain the exceptions to bankruptcy and what this will mean for you and your debts. So phone Bankruptcy Experts Cairns if you have any concerns concerning Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertscairns.com.au