Bankruptcy in Bunbury - Will my income be influenced if I go bankrupt?

Bankruptcy Bunbury is a complex process, and you should ensure you get the right advice. And when it comes to your income being affected, the answer to the question is maybe. The very first thing you have to know about going bankrupt is there is no limit on how much you can earn. However, I will say that your income is a considerable consideration when working through when it comes to Bankruptcy.

The very first thing you need to understand about this area of Bankruptcy is the amount you can earn before you start paying back money to your creditors via your trustee (see table below).

Net income is the pre-tax/ in the hand quantity you earn annually. A dependant is someone who lives with you and earns less than $3,124 per year (regardless of their age).

You can request a hardship variation that increases the threshold amount, if you have expenses in Bunbury like medical, child care, considerable travel to and from your job, or a situation where your spouse used to work but is not able to contribute to the household income.

Some of the informative parts of Bankruptcy is that your employer will not be informed when you file for bankruptcy. Also, Child support is always taken into account in bankruptcy, if you receive child support that is not factored in as income. If you pay child support this will be also considered, for example if you give $5,000 child support each year and you have no dependents living with you then your modified net income limit will be $55,332.10.

There are a lot more issues surrounding income and what is or isn't thought of as income - if you're unsure, it's a good idea to get experienced advice. The reason you need to consider your income as a part of the Big 5 questions here is that bankruptcy is in some instances not an economically practical option.

If one of your creditors is the ATO (for unpaid taxes), then your tax refund will likely be taken by the ATO while you are bankrupt to add toward your tax bill. If you don't have a tax bill then you will keep your tax refund provided that doesn't take you over your threshold income caps.

If you think when it comes to Bankruptcy, your issue is more challenging, then simply get professional advice in Bunbury. I may seem like a broken record, but bear in mind that it's always a smart idea to work through these options before declaring bankruptcy, due to the fact that once you have filed the paperwork it's too late to change your mind.

If you want to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then don't hesitate to contact Bankruptcy Experts Bunbury on 1300 795 575, or visit our website: bankruptcyexpertsBunbury.com.au.