If you are swamped by debt and you are taking a look at Bankruptcy, there are certainly 3 consequences you should think about to start with.
For the 3 years you are generally bankrupt you might have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is really essential when it concerns Bankruptcy because If you do not supply from your salary like you are expected to, the effects are severe, your bankruptcy may be stretched until you do re-pay the demanded level.
There are some considerations in this aspect of your income though, firstly if you pay any child support that comes out of your earnings first thing, so simply put your net income will be determined once you pay your tax and then child support, what’s left is usually your net income.
If you are a couple and you both declare bankruptcy these particular figures are based upon individual incomes not coupled 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 can still earn any income simply because it’s not factored into the situation.
If you are self-employed or your income is up and down the figure will be determined annually and not per 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 declare bankruptcy?’ It is perhaps simpler to think of it this way: Your household belongings are not going to be impacted. The assets that you will lose will be significant things like motor vehicles, boats, houses etc. You are able to 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 connected 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 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 phone us here at Bankruptcy Experts Dandenong on 1300 795 575, or visit: www.bankruptcyexpertsdandenong.com.au
Your house may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it comes to Bankruptcy though there is a lot of contrary information out there, so do some investigation and make certain you actually comprehend what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Dandenong.
The bottom line with bankruptcy and overseas travel is unambiguous. If you get the correct advice and declare bankruptcy properly initially, then you will not have a problem travelling overseas as frequently as you want even though 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 contact us here at Bankruptcy Experts Dandenong on 1300 795 575, or visit: www.bankruptcyexpertsdandenong.com.au