If you are overcome by debt and you are checking out at Bankruptcy, there are actually 3 effects you must think about before anything else.
For the 3 years you are actually bankrupt you might be needed to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually essential when it concerns Bankruptcy because If you do not give from your salary like you are expected to, the consequences are severe, your bankruptcy may be expanded until you do re-pay the demanded level.
There are some points to consider in this aspect of your income though, to start with if you pay any child support that comes out of your income first off, so simply put your net income will be calculated once you pay your tax 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 mixed 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 will be able to earn any income because it’s not factored into the situation.
If you are self-employed or your income level is up and down the figure will be worked out annually and not per week. If you earn over the limit amount weekly then you will be expected to contribute weekly from your pay.
When people come to me regarding Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is probably simpler to visualize it this way: Your household belongings are not going to be affected. The assets that you will lose will be big things like motor 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 particular case it’s the equity or the distinction between the loan and the value of the car. But I don’t want to talk too much more about assets since it is a complicated area of Bankruptcy, if you have concerns about assets because you are considering Bankruptcy call us here at Bankruptcy Experts Northern Rovers on 1300 795 575, or visit: www.bankruptcyexpertsnorthernrivers.com.au
Your home may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it concerns Bankruptcy though there is certainly a lot of conflicting information out there, so do some investigation and ensure you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Northern Rivers.
The bottom line with bankruptcy and overseas travel is unambiguous. If you get the best advice and file for bankruptcy properly to begin with, then you will not have an issue travelling overseas as often as you want whilst you are bankrupt.
The method is a basic 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 Northern Rovers on 1300 795 575, or visit: www.bankruptcyexpertsnorthernrivers.com.au