If you are drowned by debt and you are having a look at Bankruptcy, there are definitely 3 effects you need to look at first.
For the 3 years you are actually bankrupt you might have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is really important when it involves Bankruptcy because If you do not provide from your salary like you are presumed to, the consequences are severe, your bankruptcy may be increased until you do re-pay the required sum.
There are some factors to consider with this element of your income though, firstly if you pay any child support that comes out of your income first of all, so in other words your net income will be calculated once you pay your tax and after that child support, what remains 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 will be able to earn any income simply because it’s not factored into the situation.
If you are self-employed or your income level is up and down the figure will be measured annually and not per week. If you earn over the threshold amount weekly then you will be expected 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 visualize it this way: Your household belongings are not going to be affected. The assets that you will lose will be major things like cars, boats, houses etc. You can have a car to the value of $7,500 in equity. So in other words if you have a $20,000 car with a $20,000 car loan attached 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 particular 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 because it is a complicated area of Bankruptcy, if you have questions about assets because you are looking into Bankruptcy give us a call here at Bankruptcy Experts Shepparton on 1300 795 575, or visit: www.bankruptcyexpertsshepparton.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 certainly a lot of opposing information out there, so do some online research and make certain you actually comprehend what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Shepparton.
The bottom line with bankruptcy and overseas travel is straightforward. If you get the correct advice and apply for bankruptcy properly initially, then you will not have an issue taking a trip overseas as often as you want whilst you are bankrupt.
The method is a basic 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 Shepparton on 1300 795 575, or visit: www.bankruptcyexpertsshepparton.com.au