Exactly what Debts are eliminated if I go
Bankrupt?
The easy answer is that when it involves Bankruptcy
most debts are wiped, and I have included a table below for you to look at.
But, simply put some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) and also any
debts arising from uninsured Motor-vehicle claims and educational debts
including 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 actual security attached to it. So for
instance if you buy a new car for $40,000 dollars the security for this 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 could be wiped but the asset needs to be sold or returned. This
is just one aspect that, when it comes to Bankruptcy, it is important to get
professional help - like that readily available at Bankruptcy Experts Tamworth.
What about my Tax Debts with the ATO can
they be cleared away If I go bankrupt?
Yes they can, both business and personal
debts owing to the ATO can be eliminated with bankruptcy. If you have a
business with any sort of debts get some advice because it is not always so
simple. Feel free to call us right here at Bankruptcy Experts Tamworth if you
have any questions on 1300 795 575. Or feel free to head to our website:
www.bankruptcyexpertsTamworth.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 concerning 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 that way.
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 Tamworth we specialise in business and personal debts so give us a call
here at Bankruptcy Experts Tamworth if you have any questions regarding Bankruptcy
on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsTamworth.com.au
