Bankruptcy Brisbane, What is the Deal with Debts?

Which Debts are erased if I go Bankrupt?

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

But, simply put 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 such as 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 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 eliminated if I file for bankruptcy?

 Yes. If you have a car loan for $40,000 you can have that debt wiped out 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 component that, when it comes to Bankruptcy, it is necessary to get professional advice - like that available at Fresh Start Solutions Brisbane.

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 wiped out with bankruptcy. If you have a business with any form of debts get some advice because it is not always so self-explanatory. Feel free to call us here over at Fresh Start Solutions Brisbane if you have any type of questions on 1300 818 575. Or feel free to go to our website: www.freshstartsolutions.com.au/bankruptcy-Brisbane.com.au

What about my business or Company debts?

 Sometimes when it comes to Bankruptcy we can help 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 confusing area, so remember there are implications for a business owner such as insolvent trading. At Fresh Start Solutions Brisbane we specialise in business and personal debts so give us a call here at Fresh Start Solutions Brisbane if you have any questions regarding Bankruptcy on 1300 818 575. Or feel free to explore our website: www.freshstartsolutions.com.au/bankruptcy-Brisbane.com.au