Which Debts are erased if I go Bankrupt?
The easy answer is that when it involves Bankruptcy most debts are wiped, and I have added 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) along with any debts arising from uninsured Motor-vehicle claims and educational debts for example, 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 actual security affixed to it. So for example
if you buy a new car for $40,000 dollars the security for that car is the
actual car itself.
So, can my secured debts be removed 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 must be sold or returned. This is
just one element that, when it comes to Bankruptcy, it is important to get
professional help - like that available at Bankruptcy Experts Perth.
What about my Tax Debts with the ATO can
they be erased If I go bankrupt?
Yes they can, both business and personal
debts owing to the ATO can be erased with bankruptcy. If you have a business
with any type of debts find some advice because it is not always so easy. Feel
free to call us right here over at Bankruptcy Experts Perth if you have any
questions on 1300 795 575. Or feel free to check out our website:
www.bankruptcyexpertsPerth.com.au
What about my business or Company debts?
In some cases 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. 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 complicated area, so
remember there are implications for a business owner such as insolvent trading.
At Bankruptcy Experts Perth we specialise in business and personal debts so
give us a call here at Bankruptcy Experts Perth if you have any questions about
Bankruptcy on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsPerth.com.au
I'm giving gratitude to Mr Pedro for all of his help in securing our loan for our new home here in Fruitland. You were organized & thorough & professional, as well as kind which made all of the difference in our interactions with you. We put our trust in you and you most definitely came through for us. Thank you for your patience as well as treating us as people rather than just home loan customers. You stand above the rest, I want to recommend anyone here looking for loan or investors to contact Mr Pedro and his staff because they are good people with gentle heart,Mr Pedro Email Contact : pedroloanss@gmail.com
ReplyDeleteRegards,
John Burley! Our hats off to you!!"
When I was applying for a loan to purchase my building as a small business owner in a tough situation, conventional banks said they could not help me. Mr Pedro, a loan officer, sat down with me, heard my situation and decided that I was worth taking a chance on. Here we are 3 years later and I have just renewed my loan for another 7 years. I couldn’t have purchased my building without the help of Mr Pedro and will be forever indebted to them for giving me a chance when no one else would."
ReplyDeleteI will recommend you to contact a loan officer Mr Pedro on the information below if you need any financial assistance.
Email & Chat: +1 863 231 0632 pedroloanss@gmail.com