Filing For Bankruptcy Geelong, Just what is the Deal with Debts?

Just what Debts are erased if I go Bankrupt?

5-ways-to-deal-with-debt

The simple answer is that when it concerns Filing For Bankruptcy most debts are wiped, and I have included a chart 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 which include HECS or FEE-HELP. These debts are not cleared away 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 definite security connected 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 wiped out 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 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 may be wiped but the asset must be sold or returned. This is just one component that, when it comes to Filing For Bankruptcy, it is vital to get professional assistance – like that offered at Bankruptcy Experts Geelong.

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 eliminated 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 right here at Bankruptcy Experts Geelong if you have any questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsGeelong.com.au

What about my business or Company debts?

In some cases when it involves Filing For 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. Usually you may need to liquidate a company to deal with the debt this way. And when it comes to Filing For Bankruptcy, it can be a complicated area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Geelong we specialise in business and personal debts so call us here at Bankruptcy Experts Geelong if you have any questions regarding Filing For Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsGeelong.com.au

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