If you are overwhelmed by debt and you are taking a look at Bankruptcy, there are definitely 3 repercussions you should think about first.
For the 3 years you are generally bankrupt you may have to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually critical when it involves Bankruptcy because If you do not provide from your salary like you are presumed to, the effects are serious, your bankruptcy may be stretched until you do re-pay the required level.
There are some considerations with this aspect of your income though, to start with if you pay any child support that comes out of your earnings first of all, so in other words your net income will be calculated once you pay your tax and then child support, what remains is actually your net income.
If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not coupled so with no dependents each partner can earn $1,010.45 weekly.
If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income simply because it’s not factored into the situation.
If you are self-employed or your salary is up and down the figure will be worked out annually and not per 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I file for bankruptcy?’ It is probably simpler to think of it this way: Your household belongings are not going to be affected. The assets that you will lose will be substantial 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 connected 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 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 concerns about assets because you are looking over Bankruptcy phone us here at Bankruptcy Experts Newcastle on 1300 795 575, or visit: www.bankruptcyexpertsnewcastle.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 concerns Bankruptcy though there is definitely a lot of contradictory information out there, so do some groundwork and make sure you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Newcastle.
The bottom line with bankruptcy and international travel is clear. If you get the right advice and apply for bankruptcy properly initially, then you will not have a problem going overseas as frequently 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 one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Newcastle on 1300 795 575, or visit: www.bankruptcyexpertsnewcastle.com.au