Bankruptcy Hobart is a
intricate process, and you need to be sure you get the right guidance. 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 mention that your income is a
significant consideration when working through when it comes to Bankruptcy.
The first thing
you need to keep in mind about this area of Bankruptcy is how much you can earn
efore you start paying back money to your creditors via your trustee (see table
below).
Net income is
the pre-tax/ in the hand portion 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 look for
a hardship variation that raises the threshold amount, if you have expenses in
Hobart such as medical, child care, significant travel to and from work, or a
circumstance where your spouse used to work but is not able to contribute to
the household income.
Some of the
intriguing parts of Bankruptcy is that your employer will not be told when you
file for bankruptcy. Also, Child support is always looked at 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 changed net income
limit will be $55,332.10.
There are more
issues involving income and what is or isn't considered income - if you're not
sure, it's ideal to get qualified advice. The reason you must consider your
income as a part of the Big 5 questions here is that bankruptcy is in some
instances not an economically viable option.
If one of your
creditors is the ATO (for unpaid taxes), then your tax refund will be taken by
the ATO whilst you are bankrupt to contribute toward your tax bill. If you
don't have a tax bill then you will keep your tax refund just as long as that
doesn't take you over your threshold income limitations.
If you feel like
when it comes to Bankruptcy, your situation is more intricate, then simply get
specialist advice in Hobart. I may seem like a broken record, but bear in mind
that it's always a smart idea to overcome these options prior to declaring
bankruptcy, since once you have filed the paperwork it's far too late to change
your mind.
If you would
like to learn more about what to do, where to turn and what questions to ask
about Bankruptcy, then feel free to contact Bankruptcy Advice Hobart on 1300 879
867, or explore our website:bankruptcy-advice.com.au/Hobart .
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