Bankruptcy Darwin, So what is the Deal with Debts?

Just what Debts are removed if I go Bankrupt?

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

But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any debts arising from uninsured Motor-vehicle claims and educational debts for instance, 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 erased 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 might 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 advice - like that readily available at Bankruptcy Advice Darwin.

What about my Tax Debts with the ATO can they be erased 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 sort of debts find some advice because it is not always so easy. Feel free to call us here over at Bankruptcy Advice Darwin if you have any type of questions on 1300 879 867. Or feel free to go to our website: www.bankruptcy-advice.com.au/Darwin.com.au

What about my business or Company debts?

In some cases when it involves 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 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 Bankruptcy Advice Darwin we specialise in business and personal debts so contact us here at Bankruptcy Advice Darwin if you have any questions about Bankruptcy on 1300 879 867. Or feel free to visit our website: www.bankruptcy-advice.com.au/Darwin.com.au