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November 15, 2016Comments Closed

Bankruptcy in Bendigo – What happens to my income?

Posted by:Bankruptcy Specialist onNovember 15, 2016

Salary is regularly a concern with Bankruptcy, so I would like to talk you through a few of the points to consider around income and Bankruptcy

Bankruptcy in Bendigo is always going to be complicated and troublesome, particularly because it includes money and people’s livelihoods. People always ask us how bankruptcy will certainly affect their earnings, because bankruptcy is going to limit just how much money you can earn. When it concerns Bankruptcy it is usually going to consider your total income and the amount of dependants that you have

How is this calculated?

You need to understand about Bankruptcy that there are actually established quantities that you could make– yes, this indicates that you can not be left destitute, but neither does it mean that you can be earning a six figure salary and not actually be paying back bankruptcy debt.

Net income is the pre-tax/ in the hand amount you make each year.

A dependant is somebody who lives with you and makes under $3,124 annually (regardless of their age).

Can this be raised?

Yes, under some scenarios you can get a hardship variant that increases the threshold quantity, if you have financial obligations in Bendigo like health-related, child care, substantial travel to and from your job, or a circumstance where your partner used to be employed but is no longer able to assist the household income.

Could my boss be informed about this?

No, the advantage about Bankruptcy is that your workplace will not be notified when you apply for bankruptcy.

What about child support?

Child support is always taken into consideration in insolvency – this means that if you get child support, that is not factored in as earnings. However if you pay child support this will be typically taken out from your net income amount, for example if you provide $5,000 child support yearly and you have no dependents residing with you then your altered net income limit will be $55,332.10.

What about tax-time, do I still get cash back?

If one of your creditors is the ATO (for unsettled taxes), then your tax refund will most likely be taken by the ATO when you are bankrupt to contribute toward your tax debt. If you don’t have a tax debt then you will keep your tax return provided that doesn’t take you over your threshold income caps.

So what is considered income?

There are a lot more issues involving earnings and Bankruptcy– particularly because numerous individuals will suggest with what is thought of as ‘income’- if you’re not sure, it’s a great idea to get professional bankruptcy advice in Bendigo.

Easily one of the most essential things about Bankruptcy is that you need to get advice as soon as possible as it will guarantee you are taking the correct way. It is always going to be better to be over prepared due to the fact that when it concerns Bankruptcy knowledge is everything, and once you have submitted the documentation it’s far too late to change your mind.

If you think when it comes to Bankruptcy, your circumstance is more complicated than what is mentioned above, then I would highly advise that you get expert recommendations in Bendigo.

If you would like to learn more about what to do, where to turn and what troubles to ask about with Bankruptcy, then don’t hesitate to consult with Bankruptcy Experts Bendigo on 1300 818 575, or explore our website: www.bankruptcyexpertsbendigo.com.au.

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bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
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