What Debts are cleared away if I go
Bankrupt?
The straightforward answer is that when it
involves Bankruptcy most debts are wiped, and I have also included 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) together
with any debts arising from uninsured Motor-vehicle claims and educational
debts for example, 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 genuine security linked to it. So for example
if you buy a new car for $40,000 dollars the security for this 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 cleared away 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 must be sold or returned. This
is just one component that, when it comes to Bankruptcy, it is important to get
professional advice - like that you can find at Bankruptcy Experts Kalgoorlie.
What about my Tax Debts with the ATO can
they be erased If I go bankrupt?
Yes they can, both business and personal
debts owing to the ATO can be removed with bankruptcy. If you have a business
with any kind of debts get some advice because it is not always so
straightforward. Feel free to call us here over at Bankruptcy Experts
Kalgoorlie if you have any type of questions on 1300 795 575. Or feel free to
explore our website: www.bankruptcyexpertsKalgoorlie.com.au
What about my business or Company debts?
In some cases when it concerns Bankruptcy
we can assist you with your business debts, call us concerning 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 Bankruptcy, it can be a complicated area, so
remember there are implications for a business owner such as insolvent trading.
At Bankruptcy Experts Kalgoorlie we specialise in business and personal debts
so give us a call here at Bankruptcy Experts Kalgoorlie if you have any
questions regarding Bankruptcy on 1300 795 575. Or feel free to head to our
website: www.bankruptcyexpertsKalgoorlie.com.au
