Exactly what Debts are wiped out if I go
Bankrupt?
The practical answer is that when it
concerns Bankruptcy most debts are wiped, and I have featured 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) along with
any debts arising from uninsured Motor-vehicle claims and educational debts
like 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 absolute security affixed to it. So for
instance if you buy a new car for $40,000 dollars the security for that 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 may be wiped but the asset must be sold or returned. This is just
one element that, when it comes to Bankruptcy, it is essential to get
professional advice - like that available at Bankruptcy Experts Port Macquarie.
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 cleared away with bankruptcy. If you have a
business with any sort of debts receive some advice because it is not always so
basic. Feel free to call us here at Bankruptcy Experts Port Macquarie if you
have any type of questions on 1300 795 575. Or feel free to head to our
website: www.bankruptcyexpertsPortMacquarie.com.au
What about my business or Company debts?
Sometimes when it comes to 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.
Generally you may have to liquidate a company to deal with the debt that way.
And 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 Port Macquarie we specialise in business and personal debts
so give us a call here at Bankruptcy Experts Port Macquarie if you have any
questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our
website: www.bankruptcyexpertsPortMacquarie.com.au
