Exactly what Debts are erased if I go
Bankrupt?
The quick answer is that when it concerns Bankruptcy
most debts are wiped, and I have included 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) together
with any debts arising from uninsured Motor-vehicle claims and educational
debts for example, 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 linked to it. So for instance if
you buy a new car for $40,000 dollars the security for this car is the actual
car itself.
So, can my secured debts be cleared away if
I file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt erased if you simply hand back 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 can be wiped but the asset has to be sold or returned. This is
just one facet that, when it comes to Bankruptcy, it is important to get
professional guidance - like that provided at Bankruptcy Experts Wollongong.
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 removed with bankruptcy. If you have a business
with any sort of debts get some advice because it is not always so easy. Feel
free to call us right here over at Bankruptcy Experts Wollongong if you have
any type of questions on 1300 795 575. Or feel free to check out our website:
www.bankruptcyexpertsWollongong.com.au
What about my business or Company debts?
Sometimes when it concerns Bankruptcy we
can aid you with your business debts, call us concerning this first. Remember
bankruptcy applies to an individual not companies, trusts or businesses.
Typically 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 Wollongong we specialise in business and personal debts so contact us
here at Bankruptcy Experts Wollongong if you have any questions about Bankruptcy
on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsWollongong.com.au
