If you are overcome by debt and you are checking out at Bankruptcy, there are generally 3 effects you need to look at first.

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Income Loss

For the 3 years you are bankrupt you may 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 give from your salary like you are expected to, the consequences are serious, your bankruptcy may be extended until you do re-pay the demanded sum.

There are some factors to consider with this aspect of your income though, firstly if you pay any child support that comes out of your income first, so simply put your net income will be calculated once you pay your tax and then child support, what’s left is usually 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 each week.

If one partner in a relationship is bankrupt the non-bankrupt partner is able to earn any income simply because it’s not factored into the situation.

If you are self-employed or your income level is up and down the figure will be measured annually and not each week. If you earn over the threshold amount weekly then you will be required 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 file 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 large things like motor vehicles, 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 attached 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 distinction 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 concerns about assets because you are looking at Bankruptcy call us here at Bankruptcy Experts Hervey Bay on 1300 795 575, or visit: www.bankruptcyexpertsherveybay.com.au

Your house 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 unclear information out there, so do some investigation and see to it that you actually comprehend what is going to happen. Give us a call if you need to know more about houses and Bankruptcy in Hervey Bay.

Overseas Travel

The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the correct advice and file for bankruptcy properly from the beginning, then you will not have a worry taking a trip overseas as often as you want while you are bankrupt.

The process 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 contact us here at Bankruptcy Experts Hervey Bay on 1300 795 575, or visit: www.bankruptcyexpertsherveybay.com.au