Precisely what Debts are wiped out if I go Bankrupt?
The basic answer is that when it comes to Filing For Bankruptcy most debts are wiped, and I have provided 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 any debts arising from uninsured Motor-vehicle claims and educational debts which include HECS or FEE-HELP. These debts are not cleared away 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 genuine security affixed 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 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 might be wiped but the asset has to be sold or returned. This is just one facet that, when it comes to Filing For Bankruptcy, it is essential to get professional help – like that provided at Bankruptcy Experts Adelaide.
What about my Tax Debts with the ATO can they be wiped out 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 kind of debts get some advice because it is not always so easy. Feel free to call us right here over at Bankruptcy Experts Adelaide if you have any type of questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsadelaide.com.au
What about my business or Company debts?
In some cases when it involves Filing For 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. Normally 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 complicated area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Adelaide we specialise in business and personal debts so give us a call here at Bankruptcy Experts Adelaide if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsadelaide.com.au