Precisely what Debts are eliminated if I go Bankrupt?
The easy answer is that when it comes to 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 also any debts arising from uninsured Motor-vehicle claims and educational debts such as 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 real 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 erased 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 must be sold or returned. This is just one aspect that, when it comes to Filing For Bankruptcy, it is essential to get professional assistance – like that readily available at Bankruptcy Experts Geraldton.
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 sort of debts receive some advice because it is not always so straightforward. Feel free to call us right here over at Bankruptcy Experts Geraldton if you have any questions on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsGeraldton.com.au
What about my business or Company debts?
In some cases when it concerns 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. Typically you may need to liquidate a company to deal with the debt that way. And 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 Geraldton we specialise in business and personal debts so call us here at Bankruptcy Experts Geraldton if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsGeraldton.com.au