So what Debts are cleared away if I go Bankrupt?
The simple answer is that when it involves Going Bankrupt most debts are wiped, and I have added 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) alongside any debts arising from uninsured Motor-vehicle claims and educational debts like 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 genuine security linked 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 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 may be wiped but the asset has to be sold or returned. This is just one part that, when it comes to Going Bankrupt, it is important to get professional advice – like that offered at Bankruptcy Experts Alice Springs.
What about my Tax Debts with the ATO can they be cleared away 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 form of debts find some advice because it is not always so simple. Feel free to call us here over at Bankruptcy Experts Alice Springs if you have any questions on 1300 795 575. Or feel free to explore our website: http://www.bankruptcyexpertsAliceSprings.com.au
What about my business or Company debts?
Sometimes when it involves Going Bankrupt 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 Going Bankrupt, it can be a complicated area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Alice Springs we specialise in business and personal debts so contact us here at Bankruptcy Experts Alice Springs if you have any questions about Going Bankrupt on 1300 795 575. Or feel free to explore our website: http://www.bankruptcyexpertsAliceSprings.com.au