What Debts are cleared away if I go
Bankrupt?
The simple answer is that when it involves Bankruptcy
most debts are wiped, and I have added a chart below for you to look at.
But, put simply 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 for
instance, HECS or FEE-HELP. These debts are not eliminated 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 absolute 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 cleared away 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 might be wiped but the asset needs to be sold or returned. This
is just one facet that, when it comes to Bankruptcy, it is vital to get
professional help - like that provided at Bankruptcy Experts Hobart.
What about my Tax Debts with the ATO can
they be cleared away 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 sort of debts get some advice because it is not always so
easy. Feel free to call us here over at Bankruptcy Experts Hobart if you have
any questions on 1300 795 575. Or feel free to explore our website:
www.bankruptcyexpertsHobart.com.au
What about my business or Company debts?
Sometimes when it comes to Bankruptcy we
can assist you with your business debts, call us about 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 that way.
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 Hobart we specialise in business and personal debts so give us a call
here at Bankruptcy Experts Hobart if you have any questions regarding Bankruptcy
on 1300 795 575. Or feel free to head to our website:
www.bankruptcyexpertsHobart.com.au
