So what Debts are removed if I go Bankrupt?
The uncomplicated answer is that when it
involves Bankruptcy most debts are wiped, and I have added a table below for
you to look at.
But, put simply some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) as well as
any debts arising from uninsured Motor-vehicle claims and educational debts for
example, HECS or FEE-HELP. These debts are not removed 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 definite security attached 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 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 can be wiped but the asset must be sold or returned. This is just
one element that, when it comes to Bankruptcy, it is vital to get professional
help - like that you can find at Bankruptcy Advice Gold Coast.
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 type of debts get some advice because it is not always so simple. Feel
free to call us right here over at Bankruptcy Advice Gold Coast if you have any
type of questions on 1300 879 867. Or feel free to head to our website:
www.bankruptcy-advice.com.au/GoldCoast.au
What about my business or Company debts?
In some cases when it concerns 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 have to liquidate a company to deal with the debt
that way. 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 Advice Gold Coast we specialise in business and personal debts so
give us a call here at Bankruptcy Advice Gold Coast if you have any questions
regarding Bankruptcy on 1300 879 867. Or feel free to head to our website:
www.bankruptcy-advice.com.au/GoldCoast.au
