Precisely what Debts are eliminated if I go Bankrupt?
The straightforward answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have also included a summary below for you to look at.
But, put simply 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 for instance, HECS or FEE-HELP. These debts are not wiped out 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 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 removed if I file for bankruptcy?
Yes. If you have a car loan for $40,000 you can have that debt erased 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 element that, when it comes to Filing For Bankruptcy, it is essential to get professional guidance – like that available at Bankruptcy Experts Newcastle.
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 erased with bankruptcy. If you have a business with any type of debts get some advice because it is not always so self-explanatory. Feel free to call us here at Bankruptcy Experts Newcastle if you have any questions on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsNewcastle.com.au
What about my business or Company debts?
In some cases when it comes to Filing For Bankruptcy we can assist 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 confusing area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Newcastle we specialise in business and personal debts so contact us here at Bankruptcy Experts Newcastle if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsnewcastle.com.au