If you are drowned by debt and you are investigating at Bankruptcy, there are normally 3 effects you should look at before anything else.
For the 3 years you are generally bankrupt you might be needed to contribute some of your income back toward your debt despite being bankrupt. (see table below).
This is actually crucial when it involves Bankruptcy because If you do not give from your salary like you are supposed to, the repercussions are serious, your bankruptcy may be extended until you do re-pay the demanded amount.
There are some points to consider in this aspect of your income though, to start with if you pay any child support that comes out of your earnings first off, so simply put your net income will be calculated once you pay your tax and after that child support, what’s left is normally your net income.
If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not combined so with no dependents each partner can earn $1,010.45 weekly.
If one partner in a relationship is bankrupt the non-bankrupt partner can 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 measured annually and not each 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is probably simpler to visualize it this way: Your household belongings are not going to be impacted. The assets that you will lose will be major things like vehicles, boats, houses etc. You are able to have a car to the value of $7,500 in equity. So simply put 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 want to talk too much more about assets because it is a complicated area of Bankruptcy, if you have questions about assets because you are looking into Bankruptcy call us here at Bankruptcy Experts Brisbane on 1300 795 575, or visit: www.bankruptcyexpertsbrisbane.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 contrary information out there, so do some research and ensure you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Brisbane.
The bottom line with bankruptcy and international travel is clear. If you get the best advice and apply for bankruptcy properly to begin with, then you will not have a problem taking a trip overseas as frequently as you want even though you are bankrupt.
The method is a basic online application you pay $150 and you are on your way.
If you are concerned about any of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Brisbane on 1300 795 575, or visit: www.bankruptcyexpertsbrisbane.com.au