Which Debts are cleared away if I go Bankrupt?
The basic answer is that when it involves Filing For Bankruptcy most debts are wiped, and I have also included a summary below for you to look at.
But, simply put some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts arising from uninsured Motor-vehicle claims and educational debts such as HECS or FEE-HELP. These debts are not erased 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 genuine security affixed 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 erased 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 could be wiped but the asset will need to be sold or returned. This is just one aspect that, when it comes to Filing For Bankruptcy, it is necessary to get professional advice – like that offered at Bankruptcy Experts Mackay.
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 erased with bankruptcy. If you have a business with any sort of debts find some advice because it is not always so self-explanatory. Feel free to call us right here over at Bankruptcy Experts Mackay if you have any type of questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsMackay.com.au
What about my business or Company debts?
Sometimes when it concerns Filing For 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. Usually you may have to liquidate a company to deal with the debt that way. 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 Mackay we specialise in business and personal debts so contact us here at Bankruptcy Experts Mackay if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsMackay.com.au