Which Debts are eliminated if I go
Bankrupt?
The simple answer is that when it concerns Bankruptcy
most debts are wiped, and I have also included 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 even any
debts arising from uninsured Motor-vehicle claims and educational debts which
include HECS or FEE-HELP. These debts are not wiped out 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 absolute security connected 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 erased if I
file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt eliminated 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 will need to be sold or returned. This
is just one aspect that, when it comes to Bankruptcy, it is important to get
professional guidance - like that available at Bankruptcy Experts Cairns.
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 eliminated with bankruptcy. If you have a
business with any form of debts get some advice because it is not always so
easy. Feel free to call us here at Bankruptcy Experts Cairns if you have any
questions on 1300 795 575. Or feel free to head to our website:
www.bankruptcyexpertsCairns.com.au
What about my business or Company debts?
In some cases when it involves Bankruptcy
we can aid you with your business debts, call us concerning 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
this way. And 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 Cairns we specialise in business and personal debts so
call us here at Bankruptcy Experts Cairns if you have any questions about Bankruptcy
on 1300 795 575. Or feel free to explore our website:
www.bankruptcyexpertsCairns.com.au
