Just what Debts are cleared away if I go Bankrupt?
The straightforward answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have featured 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 example, 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 real security linked 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 removed 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 can be wiped but the asset needs to be sold or returned. This is just one facet that, when it comes to Filing For Bankruptcy, it is important to get professional guidance – like that readily available at Bankruptcy Experts Dubbo.
What about my Tax Debts with the ATO can they be eliminated 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 type of debts find some advice because it is not always so simple. Feel free to call us here at Bankruptcy Experts Dubbo if you have any questions on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsDubbo.com.au
What about my business or Company debts?
Sometimes when it involves Filing For Bankruptcy we can 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. 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 Dubbo we specialise in business and personal debts so give us a call here at Bankruptcy Experts Dubbo if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsDubbo.com.au