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

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

If you are swamped by debt and you are having a look at Bankruptcy, there are undoubtedly 3 consequences you need to think about to start with.

pexels-photo-66086Income Loss

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

This is actually vital when it involves Bankruptcy because If you do not supply from your salary like you are presumed to, the effects are severe, your bankruptcy may be expanded until you do re-pay the demanded level.

There are some considerations in this aspect of your income though, to start with if you pay any child support that comes out of your income to begin with, so simply put your net income will be determined once you pay your tax and after that child support, what remains is your net income.

If you are a couple and you both declare bankruptcy all of these figures are based upon individual incomes not put together so with no dependents each partner can earn $1,010.45 in the hand each week.

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

If you are self-employed or your earnings is up and down the figure will be determined annually and not each week. If you earn over the threshold amount weekly then you will be expected 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 possibly simpler to think about it this way: Your household belongings are not going to be affected. The assets that you will lose will be significant things like motor vehicles, boats, houses etc. You can 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 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 since it is a complicated area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy contact us here at Bankruptcy Experts Wollongong on 1300 795 575, or visit: www.bankruptcyexpertswollongong.com.au

Your home may also be of concern for you, since you may have the chance to keep your house and still declare bankruptcy, When it comes to Bankruptcy though there is certainly a lot of unclear information out there, so do some investigation and ensure you actually understand what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Wollongong.

Overseas Travel

The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the best advice and declare bankruptcy properly from the beginning, then you will not have an issue going 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 concerned about any one of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Wollongong on 1300 795 575, or visit: www.bankruptcyexpertswollongong.com.au

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