If you are drowned by debt and you are investigating at Bankruptcy, there are actually 3 repercussions you have to think about to begin 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 significant when it involves Bankruptcy because If you do not supply from your salary like you are supposed to, the effects are severe, your bankruptcy may be extended until you do re-pay the required level.
There are some factors with this element of your income though, firstly if you pay any child support that comes out of your earnings immediately, so in other words your net income will be determined once you pay your tax then child support, what remains is generally your net income.
If you are a couple and you both declare bankruptcy these particular 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 can still earn any income since it’s not factored into the equation.
If you are self-employed or your income level is up and down the figure will be determined 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 regarding Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is probably simpler to imagine it this way: Your household belongings are not going to be impacted. The assets that you will lose will be major things like motor vehicles, boats, houses etc. You can 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 thanks 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 looking at Bankruptcy call us here at Bankruptcy Experts Dubbo on 1300 795 575, or visit: www.bankruptcyexpertsdubbo.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 concerns Bankruptcy though there is a lot of contradictory information out there, so do some investigation and ensure that you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Dubbo.
The bottom line with bankruptcy and international travel is unambiguous. If you get the best advice and apply for bankruptcy properly to begin with, then you will not have a problem going overseas as often as you want whilst you are bankrupt.
The process is a simple online application you pay $150 and you are on your way.
If you are worried about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Dubbo on 1300 795 575, or visit: www.bankruptcyexpertsdubbo.com.au