If you are destroyed by debt and you are checking out at Bankruptcy, there are undoubtedly 3 repercussions you should look at first.
For the 3 years you are actually bankrupt you may be needed to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually vital 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 stretched until you do re-pay the demanded sum.
There are some factors with this aspect of your income though, first of all if you pay any child support that comes out of your income first of all, so in other words your net income will be determined once you pay your tax then child support, what’s left is generally 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 every week.
If one partner in a relationship is bankrupt the non-bankrupt partner will be able to earn any income simply because 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 weekly. If you earn over the threshold amount weekly then you will be expected to contribute weekly from your pay.
When people come to me concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is likely simpler to think about it this way: Your household belongings are not going to be impacted. The assets that you will lose will be substantial things like cars, 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 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 because it is a complicated area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy call us here at Bankruptcy Experts Emerald on 1300 795 575, or visit: www.bankruptcyexpertsemerald.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 comes to Bankruptcy though there is certainly a lot of conflicting information out there, so do some investigation and make sure you actually are aware of what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Emerald.
The bottom line with bankruptcy and international travel is clear-cut. If you get the right advice and apply for bankruptcy properly in the first place, then you will not have a concern going overseas as often as you want whilst you are bankrupt.
The method is a simple online application you pay $150 and you are on your way.
If you are concerned about any of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Emerald on 1300 795 575, or visit: www.bankruptcyexpertsemerald.com.au