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

Precisely what Debts are cleared away if I go Bankrupt?

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

But, put simply 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 such as HECS or FEE-HELP. These debts are not eliminated 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 genuine 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 removed 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 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 may be wiped but the asset needs to be sold or returned. This is just one element that, when it comes to Bankruptcy, it is vital to get professional assistance - like that offered at Fresh Start Solutions Sunshine Coast.

What about my Tax Debts with the ATO can they be eliminated 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 kind of debts receive some advice because it is not always so easy. Feel free to call us here at Fresh Start Solutions Sunshine 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-SunshineCoast.com.au

What about my business or Company debts?

 Sometimes when it concerns Bankruptcy we can assist you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Generally 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 Fresh Start Solutions Sunshine Coast we specialise in business and personal debts so give us a call here at Fresh Start Solutions Sunshine Coast if you have any questions regarding Bankruptcy on 1300 818 575. Or feel free to check out our website: www.freshstartsolutions.com.au/bankruptcy-SunshineCoast.com.au