Just what Debts are removed if I go Bankrupt?
The simple answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have featured a chart 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 example, 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 real security connected to it. So for example 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 erased 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 can be wiped but the asset has to be sold or returned. This is just one element that, when it comes to Filing For Bankruptcy, it is necessary to get professional help – like that you can find at Bankruptcy Experts Sunshine Coast.
What about my Tax Debts with the ATO can they be erased 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 kind of debts receive some advice because it is not always so self-explanatory. Feel free to call us here at Bankruptcy Experts Sunshine Coast if you have any questions on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsSunshineCoast.com.au
What about my business or Company debts?
In some cases 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. Typically 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 Experts Sunshine Coast we specialise in business and personal debts so contact us here at Bankruptcy Experts Sunshine Coast if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsSunshineCoast.com.au