If you are destroyed by debt and you are taking a look at Bankruptcy, there are probably 3 consequences you must think about to begin with.
For the 3 years you are 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 essential when it involves Bankruptcy because If you do not give from your salary like you are supposed to, the repercussions are severe, your bankruptcy may be expanded until you do re-pay the required amount.
There are some points to consider in this element of your income though, first of all if you pay any child support that comes out of your income first of all, so in other words your net income will be determined 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 these particular figures are based upon individual incomes not combined so with no dependents each partner can earn $1,010.45 in the hand every week.
If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income since it’s not factored into the situation.
If you are self-employed or your earnings is up and down the figure will be measured annually and not weekly. If you earn over the limit amount weekly then you will be required 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 likely simpler to think about it this way: Your household belongings are not going to be affected. The assets that you will lose will be big things like vehicles, boats, houses etc. You can 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 wish 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 contact us here at Bankruptcy Experts Sunshine Coast on 1300 795 575, or visit: www.bankruptcyexpertssunshinecoast.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 comes to Bankruptcy though there is a lot of contradictory information out there, so do some groundwork and see to it that you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Sunshine Coast.
The bottom line with bankruptcy and overseas travel is clear-cut. If you get the correct advice and file for bankruptcy properly in the first place, then you will not have a worry travelling overseas as frequently as you want whilst 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 issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Sunshine Coast on 1300 795 575, or visit: www.bankruptcyexpertssunshinecoast.com.au