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Bankruptcy in Canberra – What Debts are removed by Bankruptcy?

So what amount will actually be removed? What debts will I continue to be left with? Is Bankruptcy actually going to help me get a fresh start?

When it relates to Bankruptcy in Canberra I frequently have people either stressed that their debt won’t be eliminated, or will have no idea that bankruptcy doesn’t really pay for every little thing. So before you get too caught up with Bankruptcy please make sure that the form of debt you possess is actually one that Insolvency will wipe clean!

Overall, when it relates to Bankruptcy, most financial obligations are wiped out, but I have developed an useful 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 financial debts arising from uninsured Motor-vehicle claims and educational financial obligations which include HECS or FEE-HELP. These particular liabilities are not cleared away when you apply for bankruptcy.

But what happens with Bankruptcy and Secured Debts?

A secured debt is debt that has some type of security connected to the financing– like a car or house loan where the property is the security– the big difference with these forms of debts 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 offering the car back. That is just one facet that, when it comes to Bankruptcy, it is necessary to get expert assistance – like that supplied at Bankruptcy Experts Canberra since it isn’t always as straightforward, but you need to be reasonable and keep in mind that you can not always keep the asset. Feel free to contact us at Bankruptcy Experts Canberra if you have any type of queries on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertscanberra.com.au

What about my business or Company financial obligations?

Sometimes when it features Bankruptcy we can assist you with your business liabilities, call us regarding this first. Don’t forget bankruptcy relates to an individual not companies, trusts or businesses. Normally you may have to liquidate a business to handle the debt this way. And when it comes to Bankruptcy, it may be a complicated aspect, so remember there are implications for a local business owner including insolvent trading.

So what about Tax Debts?

Both business and personal debts owing to the ATO might be eliminated with bankruptcy. If you have a business with any type of debt get some advice because it is not often so simple when it concerns Bankruptcy because every single debt is going to be different and that will impact the level that it can be removed, and the effects it will have for Bankruptcy.

At Bankruptcy Experts Canberra 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 financial debts. So phone Bankruptcy Experts Canberra if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertscanberra.com.au