Bankruptcy in Taree – What happens to my income?

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Bankruptcy in Taree – What happens to my income?

Money is always a worry with Bankruptcy, so I would like to talk you through a few of the points to consider around income and Insolvency

Bankruptcy in Taree is always going to be complicated and frustrating, specifically because it includes money and people’s livelihoods. A lot of people always ask us how bankruptcy will affect their earnings, because bankruptcy is going to limit just how much you can generate. When it comes to Bankruptcy it is primarily going to take into consideration your overall income and the number of dependants that you have

How is this determined?

You need to learn about Bankruptcy that there are in fact established amounts that you can earn– yes, this suggests that you will certainly not be left destitute, but nor does this mean that you might be earning a six figure income and not be repaying insolvency debt.

Net income is the pre-tax/ in the hand amount you gain annually.

A dependant is a person who lives with you and earns less than $3,124 annually (regardless of their age).

Could this be increased?

Yes, under some circumstances you can get a hardship variation that brings up the threshold amount, if you have monetary obligations in Taree like health-related, child care, considerable travel to and from your job, or a circumstance where your partner used to be employed but is no longer able to support the household income.

Will my boss be informed about this?

No, the advantage about Bankruptcy is that your workplace will not be notified when you apply for bankruptcy.

What about child support?

Child support is always taken into account in insolvency– this indicates that if you receive child support, that is not factored in as income. However if you pay child support this will be typically obtained from your net income figure, for example if you supply $5,000 child support each year and you have no dependents residing with you then your altered net income limit will be $55,332.10.

What about tax-time, do I still get money back?

If one of your creditors is the ATO (for unsettled taxes), then your tax refund will very likely be taken by the ATO whilst you are insolvent to chip in toward your tax bill. If you don’t have a tax debt then you will keep your tax refund so long as that doesn’t take you over your threshold income caps.

So what is considered income?

Certainly there are a lot more concerns involving salary and Bankruptcy– even more so because numerous people will suggest with what is considered ‘income’- if you’re not sure, it’s a great idea to get professional insolvency advice in Taree.

By far some of the most essential features of Bankruptcy is that you ought to get guidance as soon as practical as it will guarantee you are taking the right way. It is always going to be better to be over prepared because when it concerns Bankruptcy knowledge is everything, and as soon as you have submitted the paperwork it’s far too late to change your mind.

If you believe when it comes to Bankruptcy, your situation is more complex than what is pointed out above, then I would strongly advise that you get expert advice in Taree.

If you would love to learn more about what to do, where to turn and what troubles to inquire about with Bankruptcy, then don’t wait to get in touch with Bankruptcy Experts Taree on 1300 795 575, or explore our website: www.bankruptcyexpertstaree.com.au.

By | 2018-07-04T00:13:14+00:00 November 16th, 2016|Bankruptcy, Liquidation|0 Comments

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