Bankruptcy Canberra, What is the Deal with Debts?

So what Debts are cleared away if I go Bankrupt?

The straightforward answer is that when it comes to Bankruptcy most debts are wiped, and I have added a summary below for you to look at.

But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) in addition to any debts arising from uninsured Motor-vehicle claims and educational debts including 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 actual security connected to it. So as an 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 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 has to be sold or returned. This is just one aspect that, when it comes to Bankruptcy, it is important to get professional advice - like that you can find at Fresh Start Solutions Canberra.

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 Fresh Start Solutions Canberra if you have any type of questions on 1300 818 575. Or feel free to go to our website: www.freshstartsolutions.com.au/bankruptcy-Canberra.com.au

What about my business or Company debts?

Sometimes when it involves Bankruptcy we can assist you with your business debts, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Typically 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 Canberra we specialise in business and personal debts so call us here at Fresh Start Solutions Canberra if you have any questions regarding Bankruptcy on 1300 818 575. Or feel free to visit our website: www.freshstartsolutions.com.au/bankruptcy-Canberra.com.au