If you are overwhelmed by debt and you are having a look at Bankruptcy, there are undoubtedly 3 repercussions you should look at to begin with.

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Income Loss

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

This is really vital when it involves Bankruptcy because If you do not provide from your salary like you are presumed to, the effects are serious, your bankruptcy may be increased until you do re-pay the required amount.

There are some points to consider in this aspect of your income though, first of all if you pay any child support that comes out of your income to begin with, so simply put your net income will be calculated once you pay your tax then child support, what’s left is actually 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 weekly.

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 equation.

If you are self-employed or your income is up and down the figure will be worked out annually and not each week. If you earn over the limit amount weekly then you will be required 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 file for bankruptcy?’ It is likely simpler to think of it this way: Your household belongings are not going to be impacted. The assets that you will lose will be big things like vehicles, 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 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 because it is a complex area of Bankruptcy, if you have questions about assets because you are considering Bankruptcy phone us here at Bankruptcy Experts Gympie on 1300 795 575, or visit: www.bankruptcyexpertsgympie.com.au

Your home may also be of concern for you, because you may have the chance to keep your house and still declare bankruptcy, When it concerns Bankruptcy though there is a lot of unclear information out there, so do some groundwork and see to it that you actually understand what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Gympie.

Overseas Travel

The bottom line with bankruptcy and overseas travel is uncomplicated. If you get the correct advice and apply for bankruptcy properly to begin with, then you will not have a problem travelling overseas as frequently as you want while you are bankrupt.

The method is a basic online application you pay $150 and you are on your way.

If you are worried about any one of these issues In Bankruptcy about Assets, Income, Credit Rating, and travel limitations contact us here at Bankruptcy Experts Gympie on 1300 795 575, or visit: www.bankruptcyexpertsgympie.com.au