If you are overwhelmed by debt and you are taking a look at Bankruptcy, there are 3 effects you have to look at first.
For the 3 years you are actually bankrupt you might be needed to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually important when it involves Bankruptcy because If you do not give from your salary like you are expected to, the repercussions are serious, your bankruptcy may be increased until you do re-pay the required amount.
There are some points to consider 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 simply put your net income will be determined once you pay your tax and then child support, what remains is 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 will be able to 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 calculated annually and not each week. If you earn over the threshold 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 possibly 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 simply put 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 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 since it is a complex area of Bankruptcy, if you have questions about assets because you are looking over Bankruptcy phone us here at Bankruptcy Experts Mildura on 1300 795 575, or visit: www.bankruptcyexpertsmildura.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 concerns Bankruptcy though there is certainly a lot of conflicting information out there, so do some groundwork and see to it that you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Mildura.
The bottom line with bankruptcy and overseas travel is unambiguous. If you get the correct advice and declare bankruptcy properly initially, then you will not have an issue taking a trip 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 worried about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Mildura on 1300 795 575, or visit: www.bankruptcyexpertsmildura.com.au