If you are drowned by debt and you are having a look at Bankruptcy, there are truly 3 consequences you need to think about to begin with.
For the 3 years you are bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is really important when it involves Bankruptcy because If you do not supply from your salary like you are supposed to, the consequences are severe, your bankruptcy may be expanded until you do re-pay the required amount.
There are some factors to consider with this aspect of your income though, to start with if you pay any child support that comes out of your income first of all, so in other words your net income will be calculated once you pay your tax and then child support, what remains is your net income.
If you are a couple and you both declare bankruptcy these particular figures are based upon individual incomes not combined so with no dependents each partner can earn $1,010.45 in the hand every week.
If one partner in a relationship is bankrupt the non-bankrupt partner can certainly earn any income since it’s not factored into the equation.
If you are self-employed or your earnings is up and down the figure will be determined annually and not each week. If you earn over the threshold amount weekly then you will be required to contribute weekly from your pay.
When people come to me concerning Bankruptcy I’m often asked ‘what assets will I lose when I apply for bankruptcy?’ It is probably simpler to visualize it this way: Your household belongings are not going to be affected. The assets that you will lose will be large things like cars, boats, houses etc. You can have a car to the value of $7,500 in equity. So simply put if you have a $20,000 car with a $20,000 car loan attached you can keep it thanks to the fact that it’s got no equity in it. So it’s not the total value that matters in this case it’s the equity or the distinction between the loan and the value of the car. But I don’t want to talk too much more about assets since it is a complicated area of Bankruptcy, if you have questions about assets because you are looking over Bankruptcy call us here at Bankruptcy Experts Taree on 1300 795 575, or visit: www.bankruptcyexpertstaree.com.au
Your house may also be of concern for you, since you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is definitely a lot of unclear information out there, so do some online research and ensure that you actually comprehend what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Taree.
The bottom line with bankruptcy and overseas travel is unambiguous. If you get the correct advice and declare bankruptcy properly from the beginning, then you will not have a worry taking a trip overseas as frequently as you want whilst you are bankrupt.
The process is a basic online application you pay $150 and you are on your way.
If you are worried about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Taree on 1300 795 575, or visit: www.bankruptcyexpertstaree.com.au