The top 3 concerns you are likely to have with Bankruptcy in Bunbury.

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The top 3 concerns you are likely to have with Bankruptcy in Bunbury.

If you are staggered by debt and you are having a look at Bankruptcy, there are 3 repercussions you need to look at before anything else.

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Income Loss

For the 3 years you are generally bankrupt you may be needed to contribute some of your income back toward your debt despite being bankrupt. (see table below).

This is actually critical when it concerns Bankruptcy because If you do not provide from your salary like you are supposed to, the repercussions are serious, your bankruptcy may be increased until you do re-pay the demanded amount.

There are some factors to consider with this element of your income though, firstly if you pay any child support that comes out of your income first, so simply put your net income will be calculated once you pay your tax then 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 put together so with no dependents each partner can earn $1,010.45 in the hand every 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 income level is up and down the figure will be determined annually and not weekly. If you earn over the limit amount weekly then you will be required to contribute weekly from your pay.

Asset Loss

When people come to me concerning Bankruptcy I’m often asked ‘what assets will I lose when I apply for bankruptcy?’ It is probably simpler to visualize it this way: Your household belongings are not going to be affected. The assets that you will lose will be significant things like 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 connected you can keep it due 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 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 questions about assets because you are looking over Bankruptcy phone us here at Bankruptcy Experts Bunbury on 1300 795 575, or visit: www.bankruptcyexpertsbunbury.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 comes to Bankruptcy though there is a lot of opposing information out there, so do some groundwork and make certain you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Bunbury.

Overseas Travel

The bottom line with bankruptcy and international travel is easy. If you get the right advice and apply for bankruptcy properly to begin with, then you will not have a worry taking a trip overseas as frequently as you want while 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 issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Bunbury on 1300 795 575, or visit: www.bankruptcyexpertsbunbury.com.au

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