Bankruptcy Darwin, What is the Deal with Debts?

Precisely what Debts are cleared away if I go Bankrupt?

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

But, simply put some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) as well as 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 actual 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 eliminated 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 needs to be sold or returned. This is just one component that, when it comes to Bankruptcy, it is vital to get professional assistance - like that offered at Fresh Start Solutions Darwin.

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

What about my business or Company debts?

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