If you are overcome by debt and you are taking a look at Bankruptcy, there are truly 3 consequences you need to look at to begin with.


Income Loss

For the 3 years you are actually bankrupt you might be needed to chip in some of your income back toward your debt despite being bankrupt. (see table below).

This is really significant when it involves Bankruptcy because If you do not supply from your salary like you are supposed to, the repercussions are serious, your bankruptcy may be expanded until you do re-pay the required level.

There are some factors in this element of your income though, to start with if you pay any child support that comes out of your earnings to begin with, so in other words your net income will be calculated once you pay your tax and after that child support, what remains is usually your net income.

If you are a couple and you both declare bankruptcy these particular figures are based upon individual incomes not mixed so with no dependents each partner can earn $1,010.45 per week.

If one partner in a relationship is bankrupt the non-bankrupt partner can still earn any income because it’s not factored into the situation.

If you are self-employed or your salary is up and down the figure will be determined annually and not per week. If you earn over the threshold amount weekly then you will be required to contribute weekly from your pay.

Asset Loss

When people come to me regarding Bankruptcy I’m often asked ‘what assets will I lose when I apply for bankruptcy?’ It is likely simpler to consider it this way: Your household belongings are not going to be impacted. The assets that you will lose will be big 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 connected 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 questions about assets because you are checking out Bankruptcy phone us here at Bankruptcy Experts Townsville on 1300 795 575, or visit: www.bankruptcyexpertstownsville.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 groundwork and make certain you actually know what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Townsville.

Overseas Travel

The bottom line with bankruptcy and international travel is easy. If you get the correct advice and declare bankruptcy properly initially, then you will not have a concern 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 issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Townsville on 1300 795 575, or visit: www.bankruptcyexpertstownsville.com.au