Bankruptcy in Port Macquarie – What Debts are removed by Bankruptcy?

So just how much will certainly be removed? What financial obligations will I continue to be left with? Is Bankruptcy really going to help me get a fresh start?

When it comes to Bankruptcy in Port Macquarie I commonly have individuals either worried that their financial obligations won’t be eliminated, or will have no idea that bankruptcy doesn’t really pay for every single thing. So before you get too caught up with Bankruptcy please ensure that the type of personal debt you possess is really one that Insolvency will wipe clean!

As a whole, when it comes to Bankruptcy, most financial debts are removed, but I have generated a handy table to help you out:

So as you can discover, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any debts arising from uninsured Motor-vehicle claims and educational financial obligations that include HECS or FEE-HELP. These particular financial obligations are not cleared away when you file for personal bankruptcy.

But what happens with Bankruptcy and Secured Debts?

A secured debt is unpaid debt that has some kind of security attached to the loan– like a car or house mortgage where the asset is the security– the difference with these kinds of liabilities is that when you remove them you will lose the security.

So if you possess a $30,000 vehicle loan, you can wipe the financial obligation through insolvency by simply giving the car back. That is just one element that, when it comes to Bankruptcy, it is essential to get expert help – like that offered at Bankruptcy Experts Port Macquarie because it 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 phone us at Bankruptcy Experts Port Macquarie if you have any kind of questions on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsportmacquarie.com.au

What about my business or Company financial obligations?

In many cases when it features Bankruptcy we can assist you with your business debts, call us concerning this first. Keep in mind bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a company to handle the debt this way. And when it concerns Bankruptcy, it could be a tricky aspect, so always remember there are effects for a local business owner such as insolvent trading.

So what about Tax Debts?

Both business and personal debts owing to the ATO could be removed with bankruptcy. If you have a business with any kind of debt get some advice because it is not always so easy when it concerns Bankruptcy because every debt is going to be different and that will affect the degree that it can be removed, and the effects it will have for Bankruptcy.

At Bankruptcy Experts Port Macquarie we are experts in business and personal liabilities and can better clarify the exceptions to bankruptcy and what this will mean for you and your debts. So call Bankruptcy Experts Port Macquarie if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsportmacquarie.com.au

By | 2016-10-20T00:02:29+00:00 October 26th, 2016|Bankrupt, blog|0 Comments

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