Which Debts are cleared away if I go Bankrupt?
The practical answer is that when it involves Filing For Bankruptcy most debts are wiped, and I have included 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) alongside 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 vehicle loan or a home loan; it is a debt that has some absolute 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 wiped out 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 may be wiped but the asset has to be sold or returned. This is just one part that, when it comes to Filing For Bankruptcy, it is essential to get professional guidance – like that provided at Gold Coast Bankruptcy Centre.
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 straightforward. Feel free to call us here over at Gold Coast Bankruptcy Centre if you have any type of questions on 1300 795 575. Or feel free to explore our website: www.goldcoastbankruptcycentre.com.au
What about my business or Company debts?
In some cases when it concerns Filing For Bankruptcy we can really help you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may have 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 Gold Coast Bankruptcy Centre we specialise in business and personal debts so contact us here at Gold Coast Bankruptcy Centre if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to check out our website: www.goldcoastbankruptcycentre.com.au