Bankruptcy Gold Coast, Just what is the Deal with Debts?

What Debts are cleared away if I go Bankrupt?

The practical answer is that when it comes to Bankruptcy most debts are wiped, and I have also included 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) in addition to any debts arising from uninsured Motor-vehicle claims and educational debts for example, HECS or FEE-HELP. These debts are not removed 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 real security linked 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 wiped out 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 could be wiped but the asset will need to be sold or returned. This is just one facet that, when it comes to Bankruptcy, it is necessary to get professional help - like that you can find at Fresh Start Solutions Gold Coast.

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 removed with bankruptcy. If you have a business with any type of debts find some advice because it is not always so straightforward. Feel free to call us right here at Fresh Start Solutions Gold Coast if you have any type of questions on 1300 818 575. Or feel free to check out our website: www.freshstartsolutions.com.au/bankruptcy-GoldCoast.com.au

What about my business or Company debts?

 In some cases when it involves Bankruptcy we can help you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need 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 Gold Coast we specialise in business and personal debts so call us here at Fresh Start Solutions Gold Coast if you have any questions regarding Bankruptcy on 1300 818 575. Or feel free to head to our website: www.freshstartsolutions.com.au/bankruptcy-GoldCoast.com.au