If you are destroyed by debt and you are having a look at Bankruptcy, there are normally 3 effects you need to look at before anything else.
For the 3 years you are bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually important when it concerns Bankruptcy because If you do not give from your salary like you are expected to, the effects are severe, your bankruptcy may be increased until you do re-pay the required amount.
There are some points to consider in this aspect 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 your net income.
If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not mixed so with no dependents each partner can earn $1,010.45 in the hand weekly.
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 source of income is up and down the figure will be worked out annually and not each week. If you earn over the threshold 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 file for bankruptcy?’ It is likely simpler to imagine it this way: Your household belongings are not going to be impacted. The assets that you will lose will be big things like motor vehicles, boats, houses etc. You can 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 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 looking over Bankruptcy call us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit: www.bankruptcyexpertsportmacquarie.com.au
Your house 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 certainly a lot of opposing information out there, so do some investigation and ensure that you actually know what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Port Macquarie.
The bottom line with bankruptcy and overseas travel is clear. If you get the correct advice and file for bankruptcy properly in the first place, then you will not have a concern travelling overseas as often as you want even though you are bankrupt.
The method is a basic online application you pay $150 and you are on your way.
If you are concerned about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit: www.bankruptcyexpertsportmacquarie.com.au