PART 5 OF 5.
DEBTS WHICH ARE NOT PROVABLE IN BANKRUPTCY
You will have to pay.
-penalties and fines imposed by a court.
-damages from accidents. eg. car accidents.
-student assistance/supplement loans.
-any new debts you run up after your bankruptcy commences.
To avoid suspension of your driver's licence and/or your motor vehicle registration, you will need to pay your debts for parking, traffic and other infringements of state laws. Most states have the power to suspend your licence and/or your motor vehicle registration until payment is made.
If you fail to pay certain debts for essential services to your home eg. gas, power, telephone- it may result in disconnection of these services.
the Australian Taxation may keep your tax refund and offset it against any debt you owe the Commonwealth. eg child support, taxation department.
DEBTS YOU HAVE TO PAY AFTER YOUR BANKRUPTCY ENDS.
Although you are released from most debts at the end of your bankruptcy, there are others you may still be required to pay.
You are liable for
-debts incurred by fraud.
-maintenance debts, including child support.
-accumulated HECS and HELP debts. ( For Higher Education.)
I read your article it was great post i must say,very useful and informative.personal bankruptcy is becoming an increasingly popular way to end the battle with debt. However, before you begin the process you need to have a full understanding of the ins and outs of bankruptcy.
ReplyDeleteFile Personal Bankruptcy
Thanks for the input.
ReplyDeleteYes you should be aware of all the pitfalls before making a life changing decision.
Bankruptcy effects for life forever after.