Just what Debts are erased if I go
Bankrupt?
The practical answer is that when it
concerns Bankruptcy most debts are wiped, and I have provided a chart below for
you to look at.
But, simply put some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) and also 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 actual security attached 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 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 could be wiped but the asset has to be sold or returned. This is
just one facet that, when it comes to Bankruptcy, it is important to get
professional advice - like that available at Fresh Start Solutions Perth.
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 eliminated with bankruptcy. If you have a
business with any kind of debts get some advice because it is not always so
basic. Feel free to call us here over at Fresh Start Solutions Perth if you
have any type of questions on 1300 818 575. Or feel free to visit our website:
www.freshstartsolutions.com.au/bankruptcy-Perth.com.au
What about my business or Company debts?
Sometimes when it concerns Bankruptcy we
can aid you with your business debts, call us about this first. Remember
bankruptcy applies to an individual not companies, trusts or businesses.
Typically you may need 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 Fresh Start
Solutions Perth we specialise in business and personal debts so give us a call
here at Fresh Start Solutions Perth if you have any questions regarding Bankruptcy
on 1300 818 575. Or feel free to head to our website:
www.freshstartsolutions.com.au/bankruptcy-Perth.com.au
