Bankruptcy in Gold Coast - Will my income be affected if I go bankrupt?

Bankruptcy Gold Coast is a confusing process, and you ought to ensure you get the right recommendations. And when it comes to your income being affected, the answer to the question is maybe. The very first thing you need 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 serious consideration when working through when it comes to Bankruptcy.

The very first thing you need to know about this area of Bankruptcy is just how much 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 amount you earn each year. A dependant is someone who lives with you and earns less than $3,124 per year (regardless of their age).

You can get a hardship variation that raises the threshold amount, if you have costs in Gold Coast such as medical, child care, serious travel to and from work, or a situation where your partner used to work but is not able to contribute to the family income.

Some of the insightful parts of Bankruptcy is that your employer will not be notified 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 pay $5,000 child support each year and you have no dependents living with you then your revised net income limit will be $55,332.10.

There are a lot more issues surrounding income and what is or isn't regarded as income - if you're not exactly sure, it's recommended to get experienced advice. The reason you should consider your income as a part of the Big 5 questions here is that bankruptcy is in some situations not an economically sensible option.

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

If you feel like when it comes to Bankruptcy, your case is more challenging, then please get specialist advice in Gold Coast. I may seem like a broken record, but remember that it's always a good idea to overcome these options prior to declaring bankruptcy, due to the fact that once you have filed the paperwork it's too late to change your mind.

If you intend to find out more about what to do, where to turn and what issues to ask about Bankruptcy, then don't hesitate to contact Bankruptcy Advice Gold Coast on 1300 879 867, or check out our website: bankruptcy-advice.com.au/Gold Coast .