Filing For Bankruptcy Wollongong, So what is the Deal with Debts?

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Filing For Bankruptcy Wollongong, So what is the Deal with Debts?

Exactly what Debts are erased if I go Bankrupt?

 5-ways-to-deal-with-debt

The quick answer is that when it concerns Filing For 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) together 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 vehicle loan or a home loan; it is a debt that has some real security linked to it. So for instance 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 cleared away if I file for bankruptcy?

Yes. If you have a car loan for $40,000 you can have that debt erased 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 facet that, when it comes to Filing For Bankruptcy, it is important to get professional guidance – like that provided at Bankruptcy Experts Wollongong.

What about my Tax Debts with the ATO can they be eliminated 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 sort of debts get some advice because it is not always so easy. Feel free to call us right here over at Bankruptcy Experts Wollongong if you have any type of questions on 1300 795 575. Or feel free to check out our website: www.bankruptcyexpertsWollongong.com.au

What about my business or Company debts?

Sometimes when it concerns Filing For 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 need to liquidate a company to deal with the debt this way. 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 Wollongong we specialise in business and personal debts so contact us here at Bankruptcy Experts Wollongong if you have any questions about Filing For Bankruptcy on 1300 795 575. Or feel free to visit our website: www.bankruptcyexpertsWollongong.com.au

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