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- January 3, 2017
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If you are drowned by debt and you are taking a look at Bankruptcy, there are really 3 effects you have to think about to begin with.
For the 3 years you are bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually vital when it concerns Bankruptcy because If you do not give from your salary like you are expected to, the effects are severe, your bankruptcy may be expanded 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 off, so in other words your net income will be determined once you pay your tax and then 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 combined so with no dependents each partner can earn $1,010.45 in the hand each week.
If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income simply because it’s not factored into the situation.
If you are self-employed or your income level is up and down the figure will be determined annually and not per 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 declare bankruptcy?’ It is possibly simpler to think about it this way: Your household belongings are not going to be affected. The assets that you will lose will be large 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 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 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 complicated area of Bankruptcy, if you have questions about assets because you are looking over Bankruptcy call us here at Bankruptcy Experts Gladstone on 1300 795 575, or visit: www.bankruptcyexpertsgladstone.com.au
Your house may also be of concern for you, because you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is a lot of conflicting information out there, so do some investigation and ensure that you actually are aware of what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Gladstone.
The bottom line with bankruptcy and international travel is simple. If you get the best advice and apply for bankruptcy properly to begin with, then you will not have an issue travelling overseas as often 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 worried about any of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Gladstone on 1300 795 575, or visit: www.bankruptcyexpertsgladstone.com.au