Top 3 Concerns With Bankruptcy
If you are drowned by debt and you are checking out at Bankruptcy, there are generally 3 consequences you have to consider before anything else.
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 involves Bankruptcy because If you do not supply from your salary like you are expected to, the repercussions are serious, your bankruptcy may be extended until you do re-pay the required sum.
There are some factors in this aspect of your income though, to start with if you pay any child support that comes out of your income first, so simply put your net income will be determined once you pay your tax and then child support, what’s left is simply 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 every week.
If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income since it’s not factored into the equation.
If you are self-employed or your salary is up and down the figure will be worked out annually and not per week. If you earn over the limit amount weekly then you will be required to contribute weekly from your pay.
When people come to me regarding Bankruptcy I’m often asked ‘what assets will I lose when I file for bankruptcy?’ It is possibly simpler to consider it this way: Your household belongings are not going to be impacted. 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 to put it simply 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 since it is a complicated area of Bankruptcy, if you have questions about assets because you are checking out Bankruptcy give us a call here at Bankruptcy Experts Melbourne on 1300 795 575, or visit: www.bankruptcyexpertsmelbourne.com.au
Your home may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it comes to Bankruptcy though there is definitely a lot of contradictory information out there, so do some research and make sure you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Melbourne.
The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the right advice and declare bankruptcy properly initially, then you will not have an issue taking a trip overseas as frequently as you want while you are bankrupt.
The process is a simple online application you pay $150 and you are on your way.
If you are concerned about any one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Melbourne on 1300 795 575, or visit: www.bankruptcyexpertsmelbourne.com.au