Bankruptcy Melbourne, So what is the Deal with Debts?

Which Debts are wiped out if I go Bankrupt?

The quick answer is that when it comes to Bankruptcy most debts are wiped, and I have also 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) along with any debts arising from uninsured Motor-vehicle claims and educational debts like HECS or FEE-HELP. These debts are not erased 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 genuine security affixed 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 removed if I file for bankruptcy?

Yes. If you have a car loan for $40,000 you can have that debt erased 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 can be wiped but the asset must be sold or returned. This is just one element that, when it comes to Bankruptcy, it is vital to get professional help - like that available at Bankruptcy Advice Melbourne.

What about my Tax Debts with the ATO can they be cleared away 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 get some advice because it is not always so simple. Feel free to call us right here over at Bankruptcy Advice Melbourne if you have any type of questions on 1300 879 867. Or feel free to go to our website: www.bankruptcy-advice.com.au/Melbourne.com.au

What about my business or Company debts?

Sometimes when it comes to 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. Typically you may need to liquidate a company to deal with the debt this 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 Advice Melbourne we specialise in business and personal debts so give us a call here at Bankruptcy Advice Melbourne if you have any questions regarding Bankruptcy on 1300 879 867. Or feel free to head to our website: www.bankruptcy-advice.com.au/Melbourne.com.au