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

Bankruptcy Gold Coast is a complicated process, and you should be sure you get the right suggestions. 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 restraint on how much you can earn. However, I will point out 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 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 portion 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 get a hardship variation that increases the threshold amount, if you have expenses in Gold Coast such as medical, child care, major travel to and from your job, or a circumstance where your spouse used to work but is not able to support the family income.

Some of the useful parts of Bankruptcy is that your employer will not be alerted 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 thought about, for example if you pay $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 much more issues covering income and what is or isn't considered income - if you're uncertain, it's ideal to get specialist advice. The reason you need 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 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 provided that doesn't take you over your threshold income limits.

If you think when it comes to Bankruptcy, your circumstance is more complex, then please get experienced advice in Gold Coast. I may seem like a broken record, but keep in mind that it's always a good idea to work through these options prior to declaring bankruptcy, because once you have filed the paperwork it's too late to change your mind.

If you would like to learn more about what to do, where to turn and what problems to ask about Bankruptcy, then feel free to contact Fresh Start Solutions Gold Coast on 1300 818 575, or go to our website: freshstartsolutions.com.au/bankruptcy-GoldCoast