Precisely what Debts are wiped out if I go Bankrupt?
The quick answer is that when it comes to Filing For Bankruptcy most debts are wiped, and I have provided a compendium 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 vehicle loan or a home loan; it is a debt that has some actual security connected 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 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 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 Filing For Bankruptcy, it is necessary to get professional assistance – like that provided at Bankruptcy Experts Townsville.
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 erased with bankruptcy. If you have a business with any type of debts find some advice because it is not always so self-explanatory. Feel free to call us right here over at Bankruptcy Experts Townsville if you have any questions on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsTownsville.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. Usually you may need to liquidate a company to deal with the debt this way. 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 Townsville we specialise in business and personal debts so contact us here at Bankruptcy Experts Townsville if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsTownsville.com.au