Precisely what Debts are cleared away if I
go Bankrupt?
The straightforward answer is that when it
involves Bankruptcy most debts are wiped, and I have provided 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) and also any
debts arising from uninsured Motor-vehicle claims and educational debts for
instance, HECS or FEE-HELP. These debts are not removed 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 for 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 eliminated if I
file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt removed 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 will need to be sold or returned.
This is just one aspect that, when it comes to Bankruptcy, it is important to
get professional assistance - like that readily available at Fresh Start
Solutions Hobart.
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 wiped out with bankruptcy. If you have a business
with any form of debts get some advice because it is not always so
straightforward. Feel free to call us right here at Fresh Start Solutions
Hobart if you have any questions on 1300 818 575. Or feel free to check out our
website: www.freshstartsolutions.com.au/bankruptcy-Hobart.com.au
What about my business or Company debts?
Sometimes when it comes to 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 need to liquidate a company to deal with the debt
this 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 Hobart we specialise in business and personal debts so
give us a call here at Fresh Start Solutions Hobart if you have any questions
about Bankruptcy on 1300 818 575. Or feel free to visit our website:
www.freshstartsolutions.com.au/bankruptcy-Hobart.com.au
