The top 3 concerns anyone is going to have with Bankruptcy in Tamworth.

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The top 3 concerns anyone is going to have with Bankruptcy in Tamworth.

If you are overcome by debt and you are taking a look at Bankruptcy, there are certainly 3 effects you have to think about before anything else.

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 significant when it involves Bankruptcy because If you do not give from your salary like you are expected to, the consequences are serious, your bankruptcy may be increased until you do re-pay the required level.

There are some factors to consider in this element of your income though, to start with if you pay any child support that comes out of your income first off, so in other words your net income will be determined once you pay your tax then child support, what remains is your net income.

If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not coupled so with no dependents each partner can earn $1,010.45 every 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 income is up and down the figure will be calculated annually and not per week. If you earn over the limit amount weekly then you will be expected 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 probably simpler to visualize it this way: Your household belongings are not going to be impacted. The assets that you will lose will be significant things like cars, 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 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 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 at Bankruptcy call us here at Bankruptcy Experts Tamworth on 1300 795 575, or visit:

Your house 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 a lot of conflicting information out there, so do some groundwork and make certain you actually understand what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Tamworth.

Overseas Travel

The bottom line with bankruptcy and overseas travel is unambiguous. If you get the best advice and declare bankruptcy properly from the beginning, then you will not have a worry travelling overseas as frequently as you want even though 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 of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Tamworth on 1300 795 575, or visit:

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