Which Debts are wiped out if I go Bankrupt?
The straightforward answer is that when it
involves 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) along with
any debts arising from uninsured Motor-vehicle claims and educational debts for
example, HECS or FEE-HELP. These debts are not removed 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 real security connected 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 eliminated 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 will need to be sold or returned. This
is just one component that, when it comes to Bankruptcy, it is essential to get
professional assistance - like that readily available at Bankruptcy Advice
Hobart.
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 cleared away with bankruptcy. If you have a
business with any kind of debts receive some advice because it is not always so
simple. Feel free to call us here over at Bankruptcy Advice Hobart if you have
any type of questions on 1300 879 867. Or feel free to visit our website:
www.bankruptcy-advice.com.au/Hobart.com.au
What about my business or Company debts?
In some cases when it involves Bankruptcy
we can aid 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
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 Bankruptcy Advice Hobart we specialise in business and personal debts so
contact us here at Bankruptcy Advice Hobart if you have any questions regarding
Bankruptcy on 1300 879 867. Or feel free to go to our website:
www.bankruptcy-advice.com.au/Hobart.com.au
