What Debts are cleared away if I go Bankrupt?
The basic answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have also included a summary 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 which include 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 absolute security attached to it. So for instance 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 removed 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 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 will need to be sold or returned. This is just one component that, when it comes to Filing For Bankruptcy, it is important to get professional advice – like that offered at Bankruptcy Experts Darwin.
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 removed with bankruptcy. If you have a business with any form of debts receive some advice because it is not always so easy. Feel free to call us right here over at Bankruptcy Experts Darwin if you have any questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsDarwin.com.au
What about my business or Company debts?
In some cases when it involves Filing For Bankruptcy we can really help you with your business debts, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Typically you may have to liquidate a company to deal with the debt this way. And when it comes to Filing For Bankruptcy, it can be a confusing area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Darwin we specialise in business and personal debts so call us here at Bankruptcy Experts Darwin if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsDarwin.com.au