If you are drowned by debt and you are checking out at Bankruptcy, there are truly 3 consequences you should consider to start with.
For the 3 years you are generally bankrupt you might have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is actually significant when it concerns Bankruptcy because If you do not give from your salary like you are supposed to, the repercussions are serious, your bankruptcy may be increased until you do re-pay the required amount.
There are some points to consider in this element of your income though, to start with if you pay any child support that comes out of your income to begin with, so simply put your net income will be determined once you pay your tax then child support, what’s left is generally your net income.
If you are a couple and you both declare bankruptcy these particular figures are based upon individual incomes not put together so with no dependents each partner can earn $1,010.45 every week.
If one partner in a relationship is bankrupt the non-bankrupt partner will be able to earn any income because it’s not factored into the situation.
If you are self-employed or your cash flow 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 obligated to contribute weekly from your pay.
When people come to me concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is possibly simpler to consider it this way: Your household belongings are not going to be impacted. The assets that you will lose will be major things like motor vehicles, 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 connected 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 difference 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 looking into Bankruptcy phone us here at Bankruptcy Experts Penrith on 1300 795 575, or visit: www.bankruptcyexpertspenrith.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 comes to Bankruptcy though there is certainly a lot of opposing information out there, so do some online research and see to it that you actually understand what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Penrith.
The bottom line with bankruptcy and international travel is straightforward. If you get the correct advice and apply for bankruptcy properly from the beginning, then you will not have a concern taking a trip 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 worried about any one of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Penrith on 1300 795 575, or visit: www.bankruptcyexpertspenrith.com.au