Just what Debts are erased if I go
Bankrupt?
The straightforward answer is that when it
involves Bankruptcy most debts are wiped, and I have featured a compendium
below for you to look at.
But, simply put 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 which include 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 actual security linked 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 removed 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 facet that, when it comes to Bankruptcy, it is essential to get
professional guidance - like that available at Bankruptcy Experts Rockhampton.
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 cleared away with bankruptcy. If you have a
business with any type of debts receive some advice because it is not always so
easy. Feel free to call us right here at Bankruptcy Experts Rockhampton if you
have any type of questions on 1300 795 575. Or feel free to explore our
website: www.bankruptcyexpertsRockhampton.com.au
What about my business or Company debts?
Sometimes when it concerns 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.
Typically you may have to liquidate a company to deal with the debt that way.
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 Rockhampton we specialise in business and personal debts so call us
here at Bankruptcy Experts Rockhampton if you have any questions about Bankruptcy
on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsRockhampton.com.au