If you are drowned by debt and you are taking a look at Bankruptcy, there are 3 repercussions you have to think about to begin with.
For the 3 years you are actually bankrupt you may have to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is really vital 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 expanded until you do re-pay the required level.
There are some factors to consider in this aspect of your income though, firstly if you pay any child support that comes out of your income first off, so simply put your net income will be calculated once you pay your tax and then child support, what remains is normally your net income.
If you are a couple and you both declare bankruptcy these particular 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 still earn any income simply because it’s not factored into the situation.
If you are self-employed or your cash flow is up and down the figure will be worked out annually and not weekly. 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 perhaps simpler to consider it this way: Your household belongings are not going to be affected. The assets that you will lose will be major things like motor vehicles, boats, houses etc. You can 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 thanks 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 difference between the loan and the value of the car. But I don’t wish to talk too much more about assets because it is a complex area of Bankruptcy, if you have concerns about assets because you are looking into Bankruptcy contact us here at Bankruptcy Experts Darwin on 1300 795 575, or visit: www.bankruptcyexpertsdarwin.com.au
Your house may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it concerns Bankruptcy though there is definitely a lot of contrary information out there, so do some research and make sure you actually comprehend what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Darwin.
The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the best advice and apply for bankruptcy properly initially, then you will not have a worry 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 one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Darwin on 1300 795 575, or visit: www.bankruptcyexpertsdarwin.com.au