So what Debts are erased if I go Bankrupt?
The quick answer is that when it concerns Filing For 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) and also any debts arising from uninsured Motor-vehicle claims and educational debts such as HECS or FEE-HELP. These debts are not removed 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 connected 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 wiped out 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 may be wiped but the asset needs to be sold or returned. This is just one component that, when it comes to Filing For Bankruptcy, it is vital to get professional help – like that you can find at Bankruptcy Experts Brisbane.
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 removed 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 Brisbane if you have any type of questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsBrisbane.com.au
What about my business or Company debts?
Sometimes when it comes to Filing For 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. Usually you may need to liquidate a company to deal with the debt this 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 Brisbane we specialise in business and personal debts so give us a call here at Bankruptcy Experts Brisbane if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsBrisbane.com.au