The top 3 concerns anyone is likely to have with Bankruptcy in Geelong.

If you are overcome by debt and you are having a look at Bankruptcy, there are probably 3 effects you must look at before anything else.

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Income Loss

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

This is actually critical when it concerns Bankruptcy because If you do not give from your salary like you are presumed to, the repercussions are severe, your bankruptcy may be stretched until you do re-pay the demanded level.

There are some considerations in this element of your income though, firstly if you pay any child support that comes out of your income immediately, so simply put your net income will be calculated once you pay your tax then child support, what’s left is normally your net income.

If you are a couple and you both declare bankruptcy these figures are based upon individual incomes not combined 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 can earn any income since it’s not factored into the equation.

If you are self-employed or your earnings is up and down the figure will be measured annually and not weekly. 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare bankruptcy?’ It is probably simpler to imagine it this way: Your household belongings are not going to be affected. The assets that you will lose will be big things like cars, boats, houses etc. You can have a car to the value of $7,500 in equity. So in other words 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 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 complex area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy phone us here at Bankruptcy Experts Geelong on 1300 795 575, or visit: www.bankruptcyexpertsgeelong.com.au

Your home 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 a lot of contrary information out there, so do some research and make sure you actually know what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Geelong.

Overseas Travel

The bottom line with bankruptcy and international travel is clear. If you get the correct advice and file for bankruptcy properly in the first place, then you will not have a worry taking a trip 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 Geelong on 1300 795 575, or visit: www.bankruptcyexpertsgeelong.com.au

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