If you are drowned by debt and you are having a look at Bankruptcy, there are really 3 consequences you should look at to begin with.
For the 3 years you are generally bankrupt you may have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is actually important when it involves Bankruptcy because If you do not give from your salary like you are expected to, the effects are severe, your bankruptcy may be extended until you do re-pay the required amount.
There are some points to consider in this element of your income though, firstly if you pay any child support that comes out of your earnings first of all, so simply put your net income will be calculated 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 combined so with no dependents each partner can earn $1,010.45 in the hand per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can earn any income since it’s not factored into the situation.
If you are self-employed or your earnings 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 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 imagine it this way: Your household belongings are not going to be affected. The assets that you will lose will be substantial 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 attached 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 complicated area of Bankruptcy, if you have concerns about assets because you are considering Bankruptcy call us here at Bankruptcy Experts Joondalup on 1300 795 575, or visit: www.bankruptcyexpertsjoondalup.com.au
Your home may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it concerns Bankruptcy though there is certainly a lot of contrary information out there, so do some research and ensure you actually comprehend what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Joondalup.
The bottom line with bankruptcy and international travel is straightforward. If you get the right advice and apply for bankruptcy properly from the beginning, then you will not have a worry going overseas as often as you want even though 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 concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Joondalup on 1300 795 575, or visit: www.bankruptcyexpertsjoondalup.com.au