Bankruptcy in Wollongong – What happens to my income?

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Bankruptcy in Wollongong – What happens to my income?

Salary is regularly a concern with Bankruptcy, so I would like to talk you through some of the factors around income and Bankruptcy

what-happen-to-my-income

Bankruptcy in Wollongong is always going to be complex and troublesome, particularly because it involves cash and people’s livelihoods. People regularly ask us how bankruptcy will influence their earnings, because insolvency is going to restrain just how much money you can earn. When it comes to Bankruptcy it is mostly going to take into consideration your complete income and the number of dependants that you have

How is this determined?

You need to know about Bankruptcy that there are really established quantities that you can earn– yes, this means that you will certainly not be left broke, but nor does this mean that you might be making a six figure salary and not be repaying personal bankruptcy debt.

Net income is the pre-tax/ in the hand quantity you gain annually.

A dependant is somebody who lives with you and makes less than $3,124 annually (regardless of their age).

Can this be raised?

Yes, under some situations you can get a hardship variant that raises the threshold quantity, if you have monetary commitments in Wollongong like health-related, childcare, considerable travel to and from your job, or a situation where your partner used to work but is no longer able to assist the household income.

Will my boss be informed about this?

No, the good thing about Bankruptcy is that your employer will not be advised when you file for bankruptcy.

What about child support?

Child support is always taken into consideration in personal bankruptcy– this indicates that if you receive child support, that is not factored in as income. Having said that if you pay child support this will be often obtained from your net income sum, for instance if you supply $5,000 child support every year and you have no dependents residing with you then your altered net income limit will be $55,332.10.

What about tax-time, do I still get cash back?

If one of your creditors is the ATO (for unpaid taxes), then your tax refund will very likely be taken by the ATO whilst you are bankrupt to chip in towards your tax bill. If you don’t have a tax bill then you will keep your tax return as long as that doesn’t take you over your threshold income caps.

So what is regarded as income?

There are a lot more concerns surrounding salary and Bankruptcy– even more so because a lot of individuals will argue with what is thought of as ‘income’- if you’re uncertain, it’s a great idea to get professional personal bankruptcy advice in Wollongong.

Without a doubt some of the most important things about Bankruptcy is that you ought to get recommendations as early as feasible because it will guarantee you are taking the best path. It is generally going to be best to be over prepared because when it concerns Bankruptcy knowledge is power, and as soon as you have submitted the documentation it’s far too late to change your mind.

If you believe when it comes to Bankruptcy, your circumstance is more complicated than what is pointed out above, then I would highly advise that you get professional advice in Wollongong.

If you would love to find out more about what to do, where to turn and what troubles to inquire about with Bankruptcy, then don’t wait to consult with Bankruptcy Experts Wollongong on 1300 795 575, or explore our website: www.bankruptcyexpertswollongong.com.au.

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