If you are overcome by debt and you are checking out at Bankruptcy, there are possibly 3 consequences you need to look at 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 really vital when it involves Bankruptcy because If you do not give from your salary like you are expected to, the consequences are serious, your bankruptcy may be extended until you do re-pay the required amount.
There are some factors to consider in this aspect of your income though, to start with if you pay any child support that comes out of your earnings first thing, so in other words your net income will be determined once you pay your tax and after that child support, what remains is simply your net income.
If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not coupled so with no dependents each partner can earn $1,010.45 weekly.
If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income because it’s not factored into the equation.
If you are self-employed or your source of income is up and down the figure will be measured 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 possibly simpler to think of it this way: Your household belongings are not going to be impacted. The assets that you will lose will be big things like cars, 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 thanks to the fact that it’s got no equity in it. So it’s not the total 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 complex area of Bankruptcy, if you have questions about assets because you are checking out Bankruptcy call us here at Bankruptcy Experts Wyong on 1300 795 575, or visit: www.bankruptcyexpertswyong.com.au
Your home may also be of concern for you, since you may have the chance to keep your house and still file for bankruptcy, When it comes to Bankruptcy though there is a lot of contrary information out there, so do some investigation and see to it that you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Wyong.
The bottom line with bankruptcy and overseas travel is simple. If you get the best advice and apply for bankruptcy properly to begin with, then you will not have a worry going overseas as frequently as you want whilst you are bankrupt.
The process is a basic online application you pay $150 and you are on your way.
If you are worried about any of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Wyong on 1300 795 575, or visit: www.bankruptcyexpertswyong.com.au