Bankruptcy in Port Macquarie – What happens to my income?

Money is regularly a concern with Bankruptcy, so I wish to talk you through a couple of the factors around income and Bankruptcy

what-happen-to-my-income

Bankruptcy in Port Macquarie is always going to be complicated and troublesome, specifically because it involves money and people’s livelihoods. People regularly ask us how bankruptcy will certainly impact their salary, because bankruptcy is going to restrain just how much money you can earn. When it comes to Bankruptcy it is usually going to consider your overall income and the amount of dependants that you have

How is this calculated?

You need to learn about Bankruptcy that there are really set amounts that you may earn– yes, this suggests that you may not be left penniless, but neither does it mean that you might be making a six figure income and not be paying back bankruptcy debt.

Net income is the pre-tax/ in the hand amount you gain annually.

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

Can this be raised?

Yes, under some conditions you can get a hardship variant that increases the threshold quantity, if you have monetary commitments in Port Macquarie like medical, childcare, substantial travel to and from work, or a circumstance where your partner used to work but is no longer able to support the household income.

Will my boss be told about this?

No, the good thing about Bankruptcy is that your workplace will not be informed when you file for bankruptcy.

What about child support?

Child support is always taken into consideration in insolvency– this means that if you receive child support, that is not factored in as earnings. Having said that if you pay child support this will be typically taken out from your net income figure, 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 money back?

If one of your creditors is the ATO (for unpaid taxes), then your tax refund will likely be taken by the ATO whilst you are insolvent to chip in towards your tax debt. If you do not have a tax debt then you will retain your tax return so long as that doesn’t take you over your threshold income caps.

So what is considered income?

There are a lot more issues involving income and Bankruptcy– especially because a lot of people will justify with what is considered ‘income’- if you’re uncertain, it’s a great idea to get expert bankruptcy advice in Port Macquarie.

Easily among the most crucial things about Bankruptcy is that you must get suggestions as quickly as possible because it will ensure you are taking the correct way. It is generally going to be better to be over prepared due to the fact that when it concerns Bankruptcy knowledge is everything, and as soon as you have submitted the paperwork it’s far too late to change your mind.

If you think when it comes to Bankruptcy, your circumstance is more detailed than what is discussed above, then I would highly recommend that you get professional advice in Port Macquarie.

If you want to find out more about what to do, where to turn and what issues to ask about with Bankruptcy, then don’t think twice to contact Bankruptcy Experts Port Macquarie on 1300 795 575, or explore our website: www.bankruptcyexpertsportmacquarie.com.au.

By | 2016-11-16T01:01:25+00:00 November 16th, 2016|Bankrupt, blog|0 Comments

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