Bankruptcy Australia, So what is the Deal with Debts?

Exactly what Debts are erased if I go Bankrupt?

The basic answer is that when it comes to Bankruptcy most debts are wiped, and I have 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 erased if I file for bankruptcy?

 Yes. If you have a car loan for $40,000 you can have that debt eliminated 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 can 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 necessary to get professional advice - like that you can find at Bankruptcy Experts.

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 find some advice because it is not always so straightforward. Feel free to call us here over at Bankruptcy Experts if you have any questions on 1300 795 575. Or feel free to go to our website: www.BankruptcyExperts.com.au

What about my business or Company debts?

In some cases when it comes to Bankruptcy we can assist you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a company to deal with the debt that way. And 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 Bankruptcy Experts we specialise in business and personal debts so call us here at Bankruptcy Experts if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to check out our website: www.bankruptcyexperts.com.au