Exactly what Debts are erased if I go Bankrupt?
The quick answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have also included 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) and even any debts arising from uninsured Motor-vehicle claims and educational debts including 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 genuine security attached to it. So as an 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 erased if I file for bankruptcy?
Yes. If you have a car loan for $40,000 you can have that debt cleared away 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 will need to be sold or returned. This is just one part that, when it comes to Filing For Bankruptcy, it is vital to get professional help – like that provided at Bankruptcy Experts Maitland.
What about my Tax Debts with the ATO can they be removed If I go bankrupt?
Yes they can, both business and personal debts owing to the ATO can be wiped out with bankruptcy. If you have a business with any sort of debts find some advice because it is not always so simple. Feel free to call us here over at Bankruptcy Experts Maitland if you have any questions on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsMaitland.com.au
What about my business or Company debts?
Sometimes 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. 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 Maitland we specialise in business and personal debts so contact us here at Bankruptcy Experts Maitland if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsMaitland.com.au