If you are drowned by debt and you are investigating at Bankruptcy, there are normally 3 consequences you must look at before anything else.
For the 3 years you are generally bankrupt you may have to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually essential when it concerns Bankruptcy because If you do not supply from your salary like you are expected to, the repercussions are serious, your bankruptcy may be stretched until you do re-pay the demanded amount.
There are some factors to consider with this aspect of your income though, first of all if you pay any child support that comes out of your income first, so simply put your net income will be calculated once you pay your tax then child support, what remains is normally your net income.
If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not mixed 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 can still earn any income because it’s not factored into the situation.
If you are self-employed or your salary is up and down the figure will be worked out 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is probably simpler to imagine 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 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 want to talk too much more about assets because it is a complex area of Bankruptcy, if you have questions about assets because you are checking out Bankruptcy contact us here at Bankruptcy Experts Albury on 1300 795 575, or visit: www.bankruptcyexpertsalbury.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 definitely a lot of contradictory information out there, so do some investigation and make sure you actually know what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Albury.
The bottom line with bankruptcy and overseas travel is unambiguous. If you get the correct advice and file for bankruptcy properly to begin with, then you will not have a worry travelling overseas as frequently as you want even though 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 Albury on 1300 795 575, or visit: www.bankruptcyexpertsalbury.com.au