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The top 3 concerns you are going to have with Bankruptcy in Canberra.

If you are overwhelmed by debt and you are investigating at Bankruptcy, there are probably 3 repercussions you need to look at before anything else.

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Income Loss

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

This is actually important when it concerns Bankruptcy because If you do not give from your salary like you are expected to, the consequences are severe, your bankruptcy may be extended until you do re-pay the demanded amount.

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

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 level is up and down the figure will be worked out 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 declare bankruptcy?’ It is likely simpler to consider it this way: Your household belongings are not going to be affected. The assets that you will lose will be major things like cars, boats, houses etc. You can have a car to the value of $7,500 in equity. So simply put if you have a $20,000 car with a $20,000 car loan attached 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 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 concerns about assets because you are looking at Bankruptcy contact us here at Bankruptcy Experts Canberra on 1300 795 575, or visit: www.bankruptcyexpertscanberra.com.au

Your house may also be of concern for you, since you may have the chance to keep your house and still file for bankruptcy, When it concerns Bankruptcy though there is definitely a lot of opposing information out there, so do some research and see to it that you actually understand what is going to happen. Give us a call if you want to know more about houses and Bankruptcy in Canberra.

Overseas Travel

The bottom line with bankruptcy and international travel is easy. If you get the correct advice and declare bankruptcy properly initially, then you will not have a worry travelling overseas as often 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 issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations call us here at Bankruptcy Experts Canberra on 1300 795 575, or visit: www.bankruptcyexpertscanberra.com.au