Exactly what Debts are wiped out if I go Bankrupt?
The practical answer is that when it concerns Filing For 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 Filing For 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 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. Generally you may have to liquidate a company to deal with the debt that way. And 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 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 Filing For Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsPortMacquarie.com.au