What Debts are erased if I go Bankrupt?
The basic answer is that when it involves Bankruptcy
most debts are wiped, and I have added a compendium below for you to look at.
But, put simply some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) and any
debts arising from uninsured Motor-vehicle claims and educational debts which
include HECS or FEE-HELP. These debts are not removed when you file for
bankruptcy.
What about Secured Debts?
A secured debt is a vehicle loan or a home
loan; it is a debt that has some real security connected to it. So for example
if you buy a new car for $40,000 dollars the security for that car is the
actual car itself.
So, can my secured debts be wiped out if I
file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt wiped out if you simply return the car. So the lesson is
that you cannot have your cake and eat it too (so to speak), so yes all of your
secured debts might be wiped but the asset has to be sold or returned. This is
just one element that, when it comes to Bankruptcy, it is vital to get
professional advice - like that readily available at Bankruptcy Experts
Bundaberg.
What about my Tax Debts with the ATO can
they be eliminated If I go bankrupt?
Yes they can, both business and personal
debts owing to the ATO can be wiped out with bankruptcy. If you have a business
with any sort of debts receive some advice because it is not always so
straightforward. Feel free to call us here at Bankruptcy Experts Bundaberg if
you have any type of questions on 1300 795 575. Or feel free to check out our
website: www.bankruptcyexpertsBundaberg.com.au
What about my business or Company debts?
Sometimes when it concerns Bankruptcy we
can assist you with your business debts, call us concerning this first.
Remember bankruptcy applies to an individual not companies, trusts or
businesses. Normally you may need to liquidate a company to deal with the debt
this way. When it comes to Bankruptcy, it can be a complicated area, so
remember there are implications for a business owner such as insolvent trading.
At Bankruptcy Experts Bundaberg we specialise in business and personal debts so
give us a call here at Bankruptcy Experts Bundaberg if you have any questions
about Bankruptcy on 1300 795 575. Or feel free to explore our website:
www.bankruptcyexpertsBundaberg.com.au
