Bankruptcy Frankston, What is the Deal with Debts?




So what Debts are eliminated if I go Bankrupt?

The basic answer is that when it concerns Bankruptcy most debts are wiped, and I have added a summary 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 for instance, HECS or FEE-HELP. These debts are not wiped out 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 affixed to it. So for 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 eliminated 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 might be wiped but the asset has to be sold or returned. This is just one aspect that, when it comes to Bankruptcy, it is vital to get professional advice - like that offered at Bankruptcy Frankston.

What about my Tax Debts with the ATO can they be cleared away If I go bankrupt?

Yes they can, both business and personal debts owing to the ATO can be cleared away with bankruptcy. If you have a business with any sort of debts receive some advice because it is not always so self-explanatory. Feel free to call us right here at Bankruptcy Experts Frankstonif you have any type of questions on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsFrankston.com.au

What about my business or Company debts?

Sometimes when it concerns 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. Normally you may need to liquidate a company to deal with the debt this way. And 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 Bankruptcy Frankston we specialise in business and personal debts so call us here at Bankruptcy Experts Frankston if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to explore our website: www.bankruptcyexpertsfrankston.com.au


Comments

Post a Comment

Popular posts from this blog

Bankruptcy Problems! - What exactly can extend your Bankruptcy Term?

Image
When it comes down to Bankruptcy, there is lots of complication because it is definitely an area that you really do need to get some firm advice in because alternatively you may find yourself in an even worse situation. That I why here at Bankruptcy Experts  Frankston  we certainly want to make certain people realize that there are certain things that can effectively make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years! Yes, this means that you will remain even longer in the 'Bankruptcy limbo' so heed our advice and avoid setting off any of the following areas-- because if you do, then the whole area of Bankruptcy becomes much more challenging and the Trustee can actually intervene and get your term extended rather than letting it automatically discharge. So just how can the term be extended to 5 years? Certainly there are a variety of ways in Frankston, and these are considered the 'minor breaches' because they only extend the
Read more

Bankruptcy, Will I lose my Superannuation?

Image
Bankruptcy in Frankston can be involved and confusing. A question we often get asked here over at Bankruptcy Experts Frankston is 'what happens to my super if I apply for Bankruptcy'? The reply for most is easy, if your super is normally in a regulated fund or industry fund like Sunsuper or Host Plus then virtually nothing happens; your super is 100 % safe when it comes down to Bankruptcy. What if I have a Self Managed Super Fund? This is a growing concern, take into account the increasing number of members of Self-Managed Super Funds ("SMSFs") lately; the ATO tells us it has increased Frankston-wide from 758,589 in 2009 to 1,011,689 in 2014. So what happens to these Superfunds when it concerns Bankruptcy? Remember Bankruptcy Experts Frankston is not indicating this article is the complete story, if you have any questions feel free to contact us on 1300 795 575. No matter if you call us or another person it does not matter, just please don't w
Read more

Bankruptcy in Frankston - Who exactly do I talk to?

Image
Should I speak with my accountant about Bankruptcy? The answer seems clear doesn't it: if anyone knows your financial circumstance well in  Frankston , It's going to be your accountant. However, the short answer is a resounding No! It's not that your accountant does not have your best interests at heart when it comes to Bankruptcy, it's that his expertise lie in helping you save you money at tax time, reducing your tax liability and lodging your BAS. Most accounting degrees will put in very little to no time on bankruptcy, it's generally done as a post graduate specialty program for those who want to work in the field. Unless your accountant is an insolvency expert, he would not know that a lot about the effects of Bankruptcy, I can assure you insolvency specialists know much about tax returns or BAS in. If you do manage to find an insolvency accounting firm in Frankston, they tend to be large firms with very nice offices who charge accordingly.
Read more