Bankruptcy in Brisbane - Will my income be changed if I go bankrupt?

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

The very first thing you need to keep in mind 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 sum 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 apply for a hardship variation that raises the threshold amount, if you have financial commitments in Brisbane like medical, child care, considerable travel to and from work, or a situation where your partner used to work but is no longer able to add to the family income.

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

There are more issues encompassing income and what is or isn't regarded as income - if you're not sure, it's a good idea to get professional advice. The reason you have to consider your income as a part of the Big 5 questions here is that bankruptcy is in some situations not an economically viable 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 restrictions.

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

If you wish to learn more about what to do, where to turn and what problems to ask about Bankruptcy, then feel free to contact Bankruptcy Experts Brisbane on 1300 795 575, or visit our website: bankruptcyexpertsBrisbane.com.au.