The top 3 priorities you are going to have with Bankruptcy in Sydney.

If you are overwhelmed by debt and you are checking out at Bankruptcy, there are definitely 3 effects you have to look at to begin with.

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Income Loss

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

This is really critical when it involves Bankruptcy because If you do not supply from your salary like you are presumed to, the effects are severe, your bankruptcy may be increased until you do re-pay the demanded level.

There are some factors in this aspect of your income though, first of all if you pay any child support that comes out of your earnings first thing, so in other words your net income will be determined once you pay your tax and after that child support, what remains is generally 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 in the hand per week.

If one partner in a relationship is bankrupt the non-bankrupt partner can 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 calculated 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 concerning Bankruptcy I’m often asked ‘what assets will I lose when I declare 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 substantial things like motor 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 due 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 difference between the loan and the value of the car. But I don’t wish to talk too much more about assets because it is a complicated area of Bankruptcy, if you have questions about assets because you are investigating Bankruptcy call us here at Bankruptcy Experts Sydney on 1300 795 575, or visit: www.bankruptcyexpertssydney.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 certainly a lot of opposing information out there, so do some research and see to it that you actually are aware of what is going to happen. Give us a call if you would like to know more about houses and Bankruptcy in Sydney.

Overseas Travel

The bottom line with bankruptcy and international travel is straightforward. If you get the right advice and declare bankruptcy properly in the first place, then you will not have a problem taking a trip overseas as often as you want while you are bankrupt.

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

If you are concerned about any of these concerns In Bankruptcy about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Sydney on 1300 795 575, or visit: www.bankruptcyexpertssydney.com.au