|January 4, 2017||Comments Closed|
If you are swamped by debt and you are investigating at Bankruptcy, there are undoubtedly 3 consequences you need to look at first.
For the 3 years you are actually bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually vital when it involves Bankruptcy because If you do not give from your salary like you are presumed to, the consequences are serious, your bankruptcy may be stretched until you do re-pay the demanded level.
There are some considerations with this element of your income though, to start with if you pay any child support that comes out of your income first thing, so simply put your net income will be determined once you pay your tax and after that child support, what remains is usually your net income.
If you are a couple and you both declare bankruptcy these particular figures are based upon individual incomes not mixed so with no dependents each partner can earn $1,010.45 per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income simply because it’s not factored into the situation.
If you are self-employed or your income is up and down the figure will be worked out annually and not per 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 regarding Bankruptcy I’m often asked ‘what assets will I lose when I file for bankruptcy?’ It is perhaps simpler to picture it this way: Your household belongings are not going to be impacted. The assets that you will lose will be significant things like vehicles, boats, houses etc. You are able to have a car to the value of $7,500 in equity. So to put it simply if you have a $20,000 car with a $20,000 car loan connected you can keep it due to the fact that it’s got no equity in it. So it’s not the overall 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 complex area of Bankruptcy, if you have questions about assets because you are considering Bankruptcy give us a call here at Bankruptcy Experts Mount Isa on 1300 795 575, or visit: www.bankruptcyexpertsmountisa.com.au
Your house may also be of concern for you, because you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is a lot of conflicting information out there, so do some online research and see to it that you actually are aware of what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Mount Isa.
The bottom line with bankruptcy and overseas travel is clear. If you get the best advice and apply for bankruptcy properly from the beginning, then you will not have an issue taking a trip overseas as often as you want while 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 one of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Mount Isa on 1300 795 575, or visit: www.bankruptcyexpertsmountisa.com.au