If you are swamped by debt and you are checking out at Bankruptcy, there are generally 3 repercussions you need to look at to start with.
For the 3 years you are actually bankrupt you may have to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually crucial when it concerns Bankruptcy because If you do not give from your salary like you are presumed to, the repercussions are serious, your bankruptcy may be extended until you do re-pay the demanded level.
There are some points to consider with this aspect of your income though, firstly if you pay any child support that comes out of your income first, so in other words your net income will be calculated once you pay your tax and then child support, what’s left is generally your net income.
If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not put together so with no dependents each partner can earn $1,010.45 in the hand each week.
If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income simply because it’s not factored into the situation.
If you are self-employed or your salary is up and down the figure will be measured annually and not weekly. If you earn over the limit 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 perhaps simpler to imagine it this way: Your household belongings are not going to be affected. The assets that you will lose will be large 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 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 particular case it’s the equity or the difference between the loan and the value of the car. But I don’t want to talk too much more about assets because it is a complex area of Bankruptcy, if you have concerns about assets because you are investigating Bankruptcy contact us here at Bankruptcy Experts Rockhampton on 1300 795 575, or visit: www.bankruptcyexpertsrockhampton.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 a lot of unclear information out there, so do some research and see to it that you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Rockhampton.
The bottom line with bankruptcy and overseas travel is clear. If you get the correct advice and declare bankruptcy properly in the first place, then you will not have an issue going overseas as frequently as you want while 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 one of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Rockhampton on 1300 795 575, or visit: www.bankruptcyexpertsrockhampton.com.au