Exactly what Debts are eliminated if I go Bankrupt?
The easy 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) and also any debts arising from uninsured Motor-vehicle claims and educational debts including HECS or FEE-HELP. These debts are not erased 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 actual security attached 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 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 could be wiped but the asset needs to be sold or returned. This is just one aspect that, when it comes to Filing For Bankruptcy, it is important to get professional help – like that readily available at Bankruptcy Experts Tamworth.
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 eliminated with bankruptcy. If you have a business with any sort of debts get some advice because it is not always so simple. Feel free to call us right here at Bankruptcy Experts Tamworth if you have any questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsTamworth.com.au
What about my business or Company debts?
Sometimes when it comes to Filing For Bankruptcy we can help you with your business debts, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to deal with the debt that way. When it comes to Filing For Bankruptcy, it can be a complicated area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Tamworth we specialise in business and personal debts so give us a call here at Bankruptcy Experts Tamworth if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsTamworth.com.au
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