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What Debts Are Included In Bankruptcy?
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A big misconception when people declare for bankruptcy is that you become ‘debt free’ afterwards. Although declaring bankruptcy does mean being freed from a majority of debts, it doesn’t automatically release you from all debts.
Unsecured Debts:
In most cases, you will be freed from your unsecured debt when you declare for bankruptcy. These usually included the following:
- Unsecured Personal Loans
- Credit Card & Store Card Debts
- Student Loan (but not HECS/HELP debts)
Secured Debts
Similar to unsecured debt, when you have declared for bankruptcy a majority of your secured debts will be released. However, these debts are more complex as the release of these debts are dependant on numerous factors, for example how the initial debt was secured in the first place.
It’s important to understand that when you declare for bankruptcy your outstanding debts can be treated differently, conditional to your situation and the types of debts that you have accrued.
Declaring bankruptcy can have long term repercussions. If you’re looking for help with bankruptcy, give us a call – Find your local number here.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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