What Debts are erased if I go Bankrupt?
The basic answer is that when it involves Bankruptcy
most debts are wiped, and I have also included a table below for you to look
at.
But, put simply some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) alongside
any debts arising from uninsured Motor-vehicle claims and educational debts
like HECS or FEE-HELP. These debts are not cleared away 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 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 erased if I
file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt eliminated 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 could be wiped but the asset needs to be sold or returned. This
is just one part that, when it comes to Bankruptcy, it is vital to get
professional guidance - like that provided at Bankruptcy Experts Coffs Harbour.
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 eliminated with bankruptcy. If you have a
business with any form of debts receive some advice because it is not always so
simple. Feel free to call us here over at Bankruptcy Experts Coffs Harbour if
you have any questions on 1300 795 575. Or feel free to head to our website:
www.bankruptcyexpertsCoffsHarbour.com.au
What about my business or Company debts?
In some cases when it comes to Bankruptcy
we can aid you with your business debts, call us about this first. Remember
bankruptcy applies to an individual not companies, trusts or businesses.
Typically you may have 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 Coffs Harbour we specialise in business and personal debts so call us
here at Bankruptcy Experts Coffs Harbour if you have any questions about Bankruptcy
on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsCoffsHarbour.com.au
