Exactly what Debts are removed if I go
Bankrupt?
The quick answer is that when it comes to Bankruptcy
most debts are wiped, and I have featured a chart below for you to look at.
But, put simply some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) as well as
any debts arising from uninsured Motor-vehicle claims and educational debts for
example, HECS or FEE-HELP. These debts are not erased 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 connected to it. So as an
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 cleared away 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 might be wiped but the asset will need to be sold or
returned. This is just one facet that, when it comes to Bankruptcy, it is
necessary to get professional help - like that you can find at Bankruptcy
Experts Bunbury.
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 erased with bankruptcy. If you have a business
with any kind of debts get some advice because it is not always so easy. Feel
free to call us right here at Bankruptcy Experts Bunbury if you have any type
of questions on 1300 795 575. Or feel free to head to our website:
www.bankruptcyexpertsBunbury.com.au
What about my business or Company debts?
In some cases when it involves Bankruptcy
we can help you with your business debts, call us concerning this first.
Remember bankruptcy applies to an individual not companies, trusts or
businesses. Normally you may need to liquidate a company to deal with the debt
that way. When it comes to Bankruptcy, it can be a confusing area, so remember
there are implications for a business owner such as insolvent trading. At
Bankruptcy Experts Bunbury we specialise in business and personal debts so give
us a call here at Bankruptcy Experts Bunbury if you have any questions
regarding Bankruptcy on 1300 795 575. Or feel free to go to our website:
www.bankruptcyexpertsBunbury.com.au
No comments:
Post a Comment