Money is usually a concern with Bankruptcy, so I want to talk you through some of the factors to consider around income and going bankrupt

what-happen-to-my-income

Bankruptcy in Gympie is always going to be complex and troublesome, especially because it includes cash and people’s livelihoods. People always ask us how bankruptcy will affect their salary, because insolvency is going to restrain just how much money you can generate. When it concerns Bankruptcy it is primarily going to think about your total income and the number of dependants that you have

How is this calculated?

You should know about Bankruptcy that there are really set quantities that you could make– yes, this means that you may not be left broke, but neither does it mean that you might be earning a six figure salary and not be paying back personal bankruptcy debt.

Net income is the pre-tax/ in the hand amount you make annually.

A dependant is somebody who lives with you and makes under $3,124 per year (regardless of their age).

Can this be raised?

Yes, under some conditions you can get a hardship variation that increases the threshold amount, if you have financial obligations in Gympie like health-related, childcare, considerable travel to and from work, or a circumstance where your partner used to be employed but is now not able to support the household income level.

Will my boss be told about this?

No, the benefit about Bankruptcy is that your workplace will not be informed when you file for bankruptcy.

What about child support?

Child support is always taken into account in personal bankruptcy– this indicates that if you get child support, that is not factored in as income. However if you pay child support this will be often obtained from your net income amount, for example if you supply $5,000 child support every year and you have no dependents residing with you then your altered net income limit will be $55,332.10.

What about tax-time, do I continue to get cash back?

If one of your creditors is the ATO (for unsettled taxes), then your tax refund will most likely be taken by the ATO whilst you are insolvent to contribute toward your tax debt. If you don’t have a tax debt then you will retain your tax refund so long as that doesn’t take you over your threshold income level caps.

So what is regarded as income?

Certainly there are a lot more situations involving earnings and Bankruptcy– particularly because so many individuals will justify with what is taken as ‘income’- if you’re not sure, it’s a great idea to get expert insolvency advice in Gympie.

Easily one of the most important aspects of Bankruptcy is that you need to get suggestions as soon as practical as it will guarantee you are taking the best way. It is always going to be best to be over prepared because when it comes to Bankruptcy knowledge is power, and once you have filed the paperwork it’s far too late to change your decision.

If you think when it comes to Bankruptcy, your scenario is more intricate than what is mentioned above, then I would strongly advise that you get specialist guidance in Gympie.

If you wish to find out more about what to do, where to turn and what concerns to inquire about with Bankruptcy, then don’t wait to contact Bankruptcy Experts Gympie on 1300 795 575, or explore our website: www.bankruptcyexpertsgympie.com.au.