If you are overwhelmed by debt and you are taking a look at Bankruptcy, there are without a doubt 3 effects you must think about to start with.

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Income Loss

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

This is really crucial when it concerns Bankruptcy because If you do not provide from your salary like you are expected to, the effects are serious, your bankruptcy may be increased until you do re-pay the demanded sum.

There are some considerations with this aspect of your income though, to start with if you pay any child support that comes out of your earnings first thing, so in other words 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 these particular figures are based upon individual incomes not put together 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 earn any income simply because it’s not factored into the equation.

If you are self-employed or your income is up and down the figure will be calculated annually and not weekly. If you earn over the limit amount weekly then you will be obligated 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 perhaps simpler to think of it this way: Your household belongings are not going to be affected. The assets that you will lose will be substantial things like vehicles, boats, houses etc. You can 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 particular case it’s the equity or the distinction 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 complex area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy contact us here at Bankruptcy Experts Tweed Coast on 1300 795 575, or visit: www.bankruptcyexpertstweedcoast.com.au

Your home may also be of concern for you, because you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is certainly a lot of contradictory information out there, so do some online research and make sure you actually are aware of what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Tweed Coast.

Overseas Travel

The bottom line with bankruptcy and international 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 simple online application you pay $150 and you are on your way.

If you are worried about any of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Tweed Coast on 1300 795 575, or visit: Bankruptcy Tweedcoast