So what Debts are eliminated if I go Bankrupt?
The basic answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have added a summary below for you to look at.
But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and even any debts arising from uninsured Motor-vehicle claims and educational debts for instance, HECS or FEE-HELP. These debts are not wiped out when you file for bankruptcy.
What about Secured Debts?
A secured debt is a car loan or a home loan; it is a debt that has some definite security affixed 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 eliminated 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 aspect that, when it comes to Filing For Bankruptcy, it is vital to get professional advice – like that offered at Bankruptcy Australia.
What about my Tax Debts with the ATO can they be cleared away If I go bankrupt?
Yes they can, both business and personal debts owing to the ATO can be cleared away with bankruptcy. If you have a business with any sort of debts receive some advice because it is not always so self-explanatory. Feel free to call us right here at Bankruptcy Australia if you have any type of questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsAustralia.com.au
What about my business or Company debts?
Sometimes when it concerns Filing For Bankruptcy we can help you with your business debts, call us about 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. And 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 Australia we specialise in business and personal debts so call us here at Bankruptcy Australia if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcy-australia.net.au