If you are overcome by debt and you are having a look at Bankruptcy, there are probably 3 repercussions you need to consider to start with.
For the 3 years you are generally 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 concerns Bankruptcy because If you do not provide from your salary like you are supposed to, the consequences are serious, your bankruptcy may be expanded until you do re-pay the demanded sum.
There are some considerations in this element of your income though, firstly if you pay any child support that comes out of your earnings first, so in other words your net income will be calculated once you pay your tax and then child support, what’s left is simply 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 per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can earn any income since it’s not factored into the equation.
If you are self-employed or your income is up and down the figure will be determined annually and not each week. If you earn over the limit amount weekly then you will be obligated 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 possibly simpler to picture it this way: Your household belongings are not going to be affected. The assets that you will lose will be significant things like vehicles, 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 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 wish to talk too much more about assets because it is a complicated area of Bankruptcy, if you have concerns about assets because you are considering Bankruptcy phone us here at Gold Coast Bankruptcy Centre on 1300 795 575, or visit: www.goldcoastbankruptcycentre.com.au
Your house may also be of concern for you, because you may have the chance to keep your house and still declare bankruptcy, When it comes to Bankruptcy though there is certainly a lot of conflicting information out there, so do some investigation and make certain you actually know what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Gold Coast.
The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the right advice and declare bankruptcy properly to begin with, then you will not have a problem going overseas as frequently as you want while you are bankrupt.
The process is a simple 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 Gold Coast Bankruptcy Centre on 1300 795 575, or visit: www.goldcoastbankruptcycentre.com.au