If you are drowned by debt and you are taking a look at Bankruptcy, there are truly 3 effects you should look at first.
For the 3 years you are actually bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is really vital when it concerns Bankruptcy because If you do not provide from your salary like you are supposed to, the consequences are severe, your bankruptcy may be expanded until you do re-pay the required sum.
There are some factors in this aspect of your income though, firstly if you pay any child support that comes out of your income immediately, so simply put your net income will be determined once you pay your tax and after that child support, what remains is simply 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 in the hand per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income because it’s not factored into the situation.
If you are self-employed or your income 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 expected 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 consider it this way: Your household belongings are not going to be impacted. The assets that you will lose will be substantial things like 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 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 wish to talk too much more about assets because it is a complicated area of Bankruptcy, if you have concerns about assets because you are investigating Bankruptcy phone us here at Bankruptcy Experts Wagga Wagga on 1300 795 575, or visit: www.bankruptcyexpertsWagga Wagga.com.au
Your house may also be of concern for you, because you may have the chance to keep your house and still declare bankruptcy, When it comes to Bankruptcy though there is a lot of opposing information out there, so do some groundwork and make certain you actually comprehend what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Wagga Wagga.
The bottom line with bankruptcy and overseas travel is easy. If you get the best advice and file for bankruptcy properly initially, then you will not have a worry going overseas as often as you want whilst 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 of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Wagga Wagga on 1300 795 575, or visit: www.bankruptcyexpertsWaggaWagga.com.au