Just what Debts are erased if I go Bankrupt?
The straightforward answer is that when it involves Filing For Bankruptcy most debts are wiped, and I have featured a compendium 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 which include HECS or FEE-HELP. These debts are not eliminated 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 linked 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 removed 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 needs to be sold or returned. This is just one facet that, when it comes to Filing For Bankruptcy, it is essential to get professional guidance – like that available at Bankruptcy Experts Rockhampton.
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 type of debts receive some advice because it is not always so easy. Feel free to call us right here at Bankruptcy Experts Rockhampton if you have any type of questions on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsRockhampton.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. Typically you may have to liquidate a company to deal with the debt that way. 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 Rockhampton we specialise in business and personal debts so call us here at Bankruptcy Experts Rockhampton if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsRockhampton.com.au