If you are staggered by debt and you are checking out at Bankruptcy, there are generally 3 repercussions you should think about first.
For the 3 years you are bankrupt you might have to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is really critical when it concerns Bankruptcy because If you do not supply from your salary like you are presumed to, the repercussions are serious, your bankruptcy may be expanded until you do re-pay the demanded amount.
There are some factors in this aspect of your income though, to start with if you pay any child support that comes out of your income first, so in other words your net income will be calculated once you pay your tax and then child support, what’s left is normally your net income.
If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not put together so with no dependents each partner can earn $1,010.45 per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income since 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 calculated annually and not each 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 file for bankruptcy?’ It is perhaps simpler to imagine it this way: Your household belongings are not going to be affected. The assets that you will lose will be substantial things like vehicles, boats, houses etc. You are able to 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 due 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 distinction 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 checking out Bankruptcy phone us here at Bankruptcy Experts Geraldton on 1300 795 575, or visit: www.bankruptcyexpertsgeraldton.com.au
Your home may also be of concern for you, since you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is definitely a lot of opposing information out there, so do some groundwork and make certain you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Geraldton.
The bottom line with bankruptcy and international travel is straightforward. If you get the best advice and declare bankruptcy properly from the beginning, then you will not have a concern travelling overseas as frequently as you want while you are bankrupt.
The process is a simple online application you pay $150 and you are on your way.
If you are concerned about any one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Geraldton on 1300 795 575, or visit: www.bankruptcyexpertsgeraldton.com.au