If you are drowned by debt and you are investigating at Bankruptcy, there are possibly 3 repercussions you should think about before anything else.
For the 3 years you are generally bankrupt you may be needed to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is really significant when it involves Bankruptcy because If you do not provide from your salary like you are supposed to, the effects are serious, your bankruptcy may be stretched until you do re-pay the required sum.
There are some factors in this aspect of your income though, firstly if you pay any child support that comes out of your earnings first, so simply put your net income will be determined once you pay your tax then child support, what’s left is actually 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 every week.
If one partner in a relationship is bankrupt the non-bankrupt partner will be able to earn any income since it’s not factored into the situation.
If you are self-employed or your source of 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 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 likely simpler to think of it this way: Your household belongings are not going to be affected. The assets that you will lose will be major 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 distinction 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 complex area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy contact us here at Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit: www.bankruptcyexpertscoffsharbour.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 comes to Bankruptcy though there is certainly a lot of conflicting information out there, so do some investigation and make sure you actually comprehend what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Coffs Harbour.
The bottom line with bankruptcy and overseas travel is clear. If you get the best advice and declare bankruptcy properly from the beginning, then you will not have an issue travelling overseas as often 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 concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit: www.bankruptcyexpertscoffsharbour.com.au