Bankruptcy Sydney, So what is the Deal with Debts?

So what Debts are removed if I go Bankrupt?

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

But, simply put some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and even any debts arising from uninsured Motor-vehicle claims and educational debts including HECS or FEE-HELP. These debts are not erased 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 definite security connected 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 removed 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 part that, when it comes to Bankruptcy, it is necessary to get professional assistance - like that offered at Fresh Start Solutions Sydney.

What about my Tax Debts with the ATO can they be removed 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 form of debts get some advice because it is not always so self-explanatory. Feel free to call us here at Fresh Start Solutions Sydney if you have any type of questions on 1300 818 575. Or feel free to check out our website: www.freshstartsolutions.com.au/bankruptcy-Sydney.com.au

What about my business or Company debts?

Sometimes when it concerns 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. Generally you may have to liquidate a company to deal with the debt that way. 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 Sydney we specialise in business and personal debts so contact us here at Fresh Start Solutions Sydney if you have any questions about Bankruptcy on 1300 818 575. Or feel free to go to our website: www.freshstartsolutions.com.au/bankruptcy-Sydney.com.au