The top 3 concerns you are going to have with Bankruptcy in Tablelands.
If you are overcome by debt and you are taking a look at Bankruptcy, there are 3 consequences you should look at to start with.
For the 3 years you are bankrupt you may have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is really essential when it concerns Bankruptcy because If you do not provide from your salary like you are presumed to, the repercussions are severe, your bankruptcy may be expanded until you do re-pay the required level.
There are some considerations with this aspect of your income though, first of all if you pay any child support that comes out of your earnings to begin with, so simply put your net income will be determined once you pay your tax and after that child support, what’s left is actually 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 in the hand every 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 equation.
If you are self-employed or your source of income is up and down the figure will be measured annually and not per week. If you earn over the limit amount weekly then you will be required to contribute weekly from your pay.
When people come to me concerning Bankruptcy I’m often asked ‘what assets will I lose when I apply for bankruptcy?’ It is perhaps simpler to picture it this way: Your household belongings are not going to be impacted. The assets that you will lose will be major things like cars, boats, houses etc. You are able to 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 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 difference between the loan and the value of the car. But I don’t want to talk too much more about assets because it is a complicated area of Bankruptcy, if you have questions about assets because you are considering Bankruptcy give us a call here at Bankruptcy Experts Tablelands on 1300 795 575, or visit: www.bankruptcyexpertstablelands.com.au
Your house 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 investigation and make certain you actually know what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Tablelands.
The bottom line with bankruptcy and international travel is unambiguous. If you get the right advice and file for bankruptcy properly initially, then you will not have an issue going overseas as frequently as you want while you are bankrupt.
The method is a simple 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 Tablelands on 1300 795 575, or visit: www.bankruptcyexpertstablelands.com.au