Bankruptcy Perth, So what is the Deal with Debts?

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