Which Debts are eliminated if I go
Bankrupt?
The straightforward answer is that when it
comes to Bankruptcy most debts are wiped, and I have included 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) and even any
debts arising from uninsured Motor-vehicle claims and educational debts which
include HECS or FEE-HELP. These debts are not wiped out 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 absolute security linked 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 eliminated if I file for bankruptcy?
Yes. If you have a car loan for $40,000 you
can have that debt cleared away 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 can be wiped but the asset has to be sold or returned. This
is just one part that, when it comes to Bankruptcy, it is essential to get
professional help - like that offered at Fresh Start Solutions Melbourne.
What about my Tax Debts with the ATO can they be wiped out 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 sort of debts find some advice because it is not always so
self-explanatory. Feel free to call us here at Fresh Start Solutions Melbourne
if you have any type of questions on 1300 818 575. Or feel free to check out
our website: www.freshstartsolutions.com.au/bankruptcy-Melbourne.com.au
What about my business or Company debts?
Sometimes when it involves Bankruptcy we
can aid you with your business debts, call us about this first. Remember
bankruptcy applies to an individual not companies, trusts or businesses.
Normally 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 Fresh Start
Solutions Melbourne we specialise in business and personal debts so give us a
call here at Fresh Start Solutions Melbourne if you have any questions about Bankruptcy
on 1300 818 575. Or feel free to check out our website:
www.freshstartsolutions.com.au/bankruptcy-Melbourne.com.au
