If you are overcome by debt and you are having a look at Bankruptcy, there are really 3 consequences you should consider to begin with.
For the 3 years you are actually bankrupt you might have to chip in some of your income back toward your debt despite being bankrupt. (see table below).
This is actually important when it concerns Bankruptcy because If you do not supply from your salary like you are presumed to, the effects are serious, your bankruptcy may be expanded until you do re-pay the demanded amount.
There are some points to consider with this element of your income though, to start with if you pay any child support that comes out of your income to begin with, so in other words your net income will be determined once you pay your tax and after that 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 in the hand each week.
If one partner in a relationship is bankrupt the non-bankrupt partner can 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 each week. If you earn over the limit amount weekly then you will be obligated 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 probably 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 cars, 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 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 complicated area of Bankruptcy, if you have concerns about assets because you are checking out Bankruptcy contact us here at Bankruptcy Experts Lismore on 1300 795 575, or visit: www.bankruptcyexpertslismore.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 concerns Bankruptcy though there is a lot of contrary information out there, so do some research and make certain you actually are aware of what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Lismore.
The bottom line with bankruptcy and overseas travel is simple. If you get the correct advice and file for bankruptcy properly to begin with, then you will not have an issue taking a trip overseas as often as you want while 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 one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Lismore on 1300 795 575, or visit: www.bankruptcyexpertslismore.com.au