Just what Debts are erased if I go
Bankrupt?
The quick answer is that when it comes to Bankruptcy
most debts are wiped, and I have added 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) together
with 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 car loan or a home
loan; it is a debt that has some definite security attached to it. So for
example 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 removed 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 might be wiped but the asset must be sold or returned. This is
just one part that, when it comes to Bankruptcy, it is important to get
professional assistance - like that provided at Bankruptcy Experts Melbourne.
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 removed with bankruptcy. If you have a business
with any kind of debts receive some advice because it is not always so
straightforward. Feel free to call us right here over at Bankruptcy Experts
Melbourne if you have any questions on 1300 795 575. Or feel free to head to
our website: www.bankruptcyexpertsMelbourne.com.au
What about my business or Company debts?
Sometimes when it comes to Bankruptcy we
can really 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 need to liquidate a company to deal with the debt
this way. And 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 Melbourne we specialise in business and personal debts so
call us here at Bankruptcy Experts Melbourne if you have any questions
regarding Bankruptcy on 1300 795 575. Or feel free to explore our website:
www.bankruptcyexpertsMelbourne.com.au
