|January 3, 2017||Comments Closed|
If you are drowned by debt and you are checking out at Bankruptcy, there are probably 3 repercussions you need to look at to begin with.
For the 3 years you are actually bankrupt you might be needed to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is really essential when it involves Bankruptcy because If you do not give from your salary like you are supposed to, the consequences are severe, your bankruptcy may be expanded until you do re-pay the demanded amount.
There are some considerations with this aspect of your income though, first of all if you pay any child support that comes out of your earnings first thing, so simply put your net income will be calculated once you pay your tax and then child support, what’s left is normally your net income.
If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not combined so with no dependents each partner can earn $1,010.45 each week.
If one partner in a relationship is bankrupt the non-bankrupt partner can earn any income simply because it’s not factored into the situation.
If you are self-employed or your salary 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 obligated 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 perhaps simpler to visualize it this way: Your household belongings are not going to be impacted. The assets that you will lose will be significant things like cars, 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 connected you can keep it due to the fact that it’s got no equity in it. So it’s not the total value that matters in this case it’s the equity or the difference 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 complex area of Bankruptcy, if you have questions about assets because you are looking at Bankruptcy call us here at Bankruptcy Experts Bendigo on 1300 818 575, or visit: www.bankruptcyexpertsbendigo.com.au
Your home may also be of concern for you, because 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 make certain you actually are aware of what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Bendigo.
The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the best advice and apply for bankruptcy properly in the first place, then you will not have a problem travelling overseas as often 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 worried about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Bendigo on 1300 818 575, or visit: www.bankruptcyexpertsbendigo.com.au