|January 3, 2017||Comments Closed|
If you are drowned by debt and you are checking out at Bankruptcy, there are definitely 3 repercussions you have to think about first.
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 critical when it concerns Bankruptcy because If you do not provide from your salary like you are expected to, the consequences are serious, your bankruptcy may be increased until you do re-pay the demanded sum.
There are some points to consider in this element of your income though, first of all if you pay any child support that comes out of your income to begin with, so simply put your net income will be calculated once you pay your tax and after that child support, what remains is generally your net income.
If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not coupled 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 still earn any income because it’s not factored into the situation.
If you are self-employed or your income is up and down the figure will be calculated 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I file for bankruptcy?’ It is possibly simpler to imagine it this way: Your household belongings are not going to be impacted. The assets that you will lose will be substantial things like vehicles, boats, houses etc. You are able to 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 total value that matters in this particular case it’s the equity or the difference between the loan and the value of the car. But I don’t wish to talk too much more about assets since it is a complicated area of Bankruptcy, if you have questions about assets because you are checking out Bankruptcy contact us here at Bankruptcy Experts Ipswich on 1300 795 575, or visit: www.bankruptcyexpertsipswich.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 concerns Bankruptcy though there is certainly a lot of unclear information out there, so do some groundwork and ensure that you actually understand what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Ipswich.
The bottom line with bankruptcy and international travel is uncomplicated. If you get the correct advice and file for bankruptcy properly initially, then you will not have a problem going overseas as often 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 concerned about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Ipswich on 1300 795 575, or visit: www.bankruptcyexpertsipswich.com.au