So what Debts are erased if I go Bankrupt?
The basic answer is that when it comes to Filing For Bankruptcy most debts are wiped, and I have 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) together with any debts arising from uninsured Motor-vehicle claims and educational debts including HECS or FEE-HELP. These debts are not wiped out 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 real security connected to it. So for instance 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 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 might be wiped but the asset has to be sold or returned. This is just one component that, when it comes to Filing For Bankruptcy, it is important to get professional help – like that available at Bankruptcy Experts Gold Coast.
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 cleared away with bankruptcy. If you have a business with any sort of debts get some advice because it is not always so easy. Feel free to call us right here over at Bankruptcy Experts Gold Coast if you have any questions on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsGoldCoast.com.au
What about my business or Company debts?
In some cases when it concerns Filing For Bankruptcy we can aid you with your business debts, call us about 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 Gold Coast we specialise in business and personal debts so contact us here at Bankruptcy Experts Gold Coast if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsGoldCoast.com.au