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- August 23, 2016
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Precisely what Debts are cleared away if I go Bankrupt?
The simple answer is that when it involves Filing For Bankruptcy most debts are wiped, and I have included a table below for you to look at.
But, simply put 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 instance, HECS or FEE-HELP. These debts are not erased 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 definite security connected to it. So for example 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 removed 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 can be wiped but the asset needs to be sold or returned. This is just one element that, when it comes to Filing For Bankruptcy, it is essential to get professional assistance – like that provided at Bankruptcy Experts Gladstone.
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 form of debts find some advice because it is not always so easy. Feel free to call us here over at Bankruptcy Experts Gladstone if you have any type of questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsGladstone.com.au
What about my business or Company debts?
Sometimes when it involves Filing For Bankruptcy we can really help you with your business debts, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may have to liquidate a company to deal with the debt that way. When it comes to Filing For Bankruptcy, it can be a confusing area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Gladstone we specialise in business and personal debts so give us a call here at Bankruptcy Experts Gladstone if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsGladstone.com.au