Precisely what Debts are eliminated if I go
Bankrupt?
The simple answer is that when it comes to Bankruptcy most debts are wiped, and I have also included a compendium 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 for
instance, 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 genuine security affixed to it. So for 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 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 may be wiped but the asset needs to be sold or returned. This is
just one aspect that, when it comes to Bankruptcy, it is important to get
professional help - like that provided at Liquidation Service.
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 erased with bankruptcy. If you have a business
with any kind of debts get some advice because it is not always so self-explanatory.
Feel free to call us right here at Liquidation Service if you have any
questions on 1300 795 575. Or feel free to go to our website:
www.liquidationservice.com.au
What about my business or Company debts?
In some cases when it concerns Bankruptcy
we can really help you with your business debts, call us about this first.
Remember bankruptcy applies to an individual not companies, trusts or
businesses. Usually you may have to liquidate a company to deal with the debt
that way. And when it comes to Bankruptcy, it can be a confusing area, so
remember there are implications for a business owner such as insolvent trading.
At Liquidation Service we specialise in business and personal debts so call us
here at Liquidation Service if you have any questions about Bankruptcy on 1300
795 575. Or feel free to explore our website: www.liquidationservice.com.au
