Bankruptcy in Parramatta – What Debts are removed by Bankruptcy?

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Bankruptcy in Parramatta – What Debts are removed by Bankruptcy?

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

When it concerns Bankruptcy in Parramatta I commonly have people either stressed that their financial obligations won’t be taken away, or will have no idea that bankruptcy doesn’t really pay for everything. So before you get too caught up with Bankruptcy please ensure that the type of debt you possess is truly one that Insolvency will wipe clean!

BDO explains the types of options to deal with debt

Overall, when it concerns Bankruptcy, most unpaid debts are eliminated, but I have generated a helpful table to help you out:

So as you can discover, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) 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 financial debt that has some sort of security connected to the financing– like a car or house mortgage where the asset is the security– the difference with these sorts of liabilities is that when you remove them you will lose the security.

So if you have a $30,000 car loan, you can wipe the liability through insolvency by simply offering the car back. This is just one aspect that, when it comes to Bankruptcy, it is necessary to get professional assistance – like that supplied at Bankruptcy Experts Parramatta because it just isn’t always as simple, but you should be practical and remember that you can not always keep the asset. Don’t hesitate to contact us at Bankruptcy Experts Parramatta if you have any type of concerns on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsparramatta.com.au

What about my business or Company financial obligations?

In some cases when it includes Bankruptcy we can assist you with your business debts, call us regarding this first. Don’t forget bankruptcy relates to an individual not companies, trusts or businesses. Normally you may need to liquidate a business to deal with the financial debt this way. When it comes to Bankruptcy, it may be a complex area, so just 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 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 different and that will impact the level that it could be cleared, and the effects it will have for Bankruptcy.

At Bankruptcy Experts Parramatta we are experts in business and personal financial debts and can better clarify the exemptions to bankruptcy and what this will mean for you and your liabilities. So contact Bankruptcy Experts Parramatta if you have any questions concerning Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsparramatta.com.au

By | 2016-10-19T07:11:05+00:00 October 25th, 2016|bankruptcy, blog|0 Comments

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