If you are staggered by debt and you are checking out at Bankruptcy, there are truly 3 effects you have to think about before anything else.
For the 3 years you are generally bankrupt you might be needed to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually crucial when it involves Bankruptcy because If you do not supply from your salary like you are supposed to, the consequences are serious, your bankruptcy may be extended until you do re-pay the demanded level.
There are some factors with this element of your income though, firstly if you pay any child support that comes out of your income first thing, so simply put your net income will be calculated once you pay your tax and after that child support, what remains is normally your net income.
If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not mixed 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 since it’s not factored into the equation.
If you are self-employed or your earnings is up and down the figure will be measured 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 apply for bankruptcy?’ It is likely simpler to think of it this way: Your household belongings are not going to be impacted. The assets that you will lose will be significant 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 attached you can keep it due 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 wish to talk too much more about assets since it is a complicated area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy call us here at Bankruptcy Experts Gosford on 1300 795 575, or visit: www.bankruptcyexpertsgosford.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 certainly a lot of conflicting information out there, so do some groundwork and ensure that you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Gosford.
The bottom line with bankruptcy and overseas travel is easy. If you get the best advice and apply for bankruptcy properly from the beginning, then you will not have a problem taking a trip overseas as frequently as you want whilst you are bankrupt.
The method 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 Gosford on 1300 795 575, or visit: www.bankruptcyexpertsgosford.com.au