If you are staggered by debt and you are investigating at Bankruptcy, there are definitely 3 effects you have to look at to begin with.
For the 3 years you are bankrupt you may be needed to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is really crucial when it concerns Bankruptcy because If you do not supply from your salary like you are expected to, the repercussions are severe, your bankruptcy may be stretched until you do re-pay the required sum.
There are some factors with this element of your income though, first of all if you pay any child support that comes out of your income first off, so simply put your net income will be calculated once you pay your tax and then child support, what remains is usually 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 per week.
If one partner in a relationship is bankrupt the non-bankrupt partner can certainly earn any income because it’s not factored into the equation.
If you are self-employed or your income is up and down the figure will be determined annually and not each week. If you earn over the limit amount weekly then you will be expected to contribute weekly from your pay.
When people come to me regarding Bankruptcy I’m often asked ‘what assets will I lose when I declare 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 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 total 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 considering Bankruptcy phone us here at Bankruptcy Experts Frankston on 1300 795 575, or visit: www.bankruptcyexpertsfrankston.com.au
Your home 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 know what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Frankston.
The bottom line with bankruptcy and overseas travel is simple. If you get the right advice and declare bankruptcy properly to begin with, then you will not have a problem taking a trip overseas as frequently as you want even though you are bankrupt.
The process is a basic online application you pay $150 and you are on your way.
If you are worried about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Frankston on 1300 795 575, or visit: www.bankruptcyexpertsfrankston.com.au