If you are staggered by debt and you are having a look at Bankruptcy, there are definitely 3 effects you need to look at to begin with.
For the 3 years you are generally bankrupt you might have to pitch in some of your income back toward your debt despite being bankrupt. (see table below).
This is really essential when it involves Bankruptcy because If you do not provide from your salary like you are expected to, the effects are serious, your bankruptcy may be expanded until you do re-pay the demanded amount.
There are some considerations 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 determined once you pay your tax and after that child support, what remains is generally 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 weekly.
If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income since it’s not factored into the equation.
If you are self-employed or your source of income is up and down the figure will be determined annually and not per 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 likely simpler to picture it this way: Your household belongings are not going to be affected. The assets that you will lose will be substantial things like motor vehicles, 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 thanks to the fact that it’s got no equity in it. So it’s not the total value that matters in this 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 looking at Bankruptcy call us here at Bankruptcy Experts Whitsundays on 1300 795 575, or visit: www.bankruptcyexpertswhitsundays.com.au
Your house 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 unclear information out there, so do some investigation and ensure that you actually are aware of what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Whitsundays.
The bottom line with bankruptcy and overseas travel is clear-cut. If you get the right advice and file for bankruptcy properly initially, then you will not have a problem travelling overseas as frequently as you want even though you are bankrupt.
The process is a basic online application you pay $150 and you are on your way.
If you are concerned about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Whitsundays on 1300 795 575, or visit: www.bankruptcyexpertswhitsundays.com.au