Precisely what Debts are wiped out if I go
Bankrupt?
The quick answer is that when it concerns Bankruptcy most debts are wiped, and I have included 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) and even any
debts arising from uninsured Motor-vehicle claims and educational debts like
HECS or FEE-HELP. These debts are not wiped out 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 real security affixed to it. So as an 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 eliminated 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 will need to be sold or returned. This
is just one element that, when it comes to Bankruptcy, it is essential to get
professional help - like that provided at Fresh Start Solutions Adelaide.
What about my Tax Debts with the ATO can
they be removed If I go bankrupt?
Yes they can, both business and personal
debts owing to the ATO can be wiped out with bankruptcy. If you have a business
with any sort of debts receive some advice because it is not always so basic. Feel
free to call us right here at Fresh Start Solutions Adelaide if you have any
questions on 1300 818 575. Or feel free to check out our website:
www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au
What about my business or Company debts?
Sometimes when it concerns 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.
Usually you may need to liquidate a company to deal with the debt that 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 Fresh Start
Solutions Adelaide we specialise in business and personal debts so contact us
here at Fresh Start Solutions Adelaide if you have any questions about Bankruptcy
on 1300 818 575. Or feel free to check out our website:
www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au