Going Bankrupt in Port Macquarie 2018 - What You Ought To Know Long Before You Declare Bankruptcy
If you are overwhelmed by debt and you are considering Going Bankrupt, there are 4 effects you must consider first
Credit Rating
When it comes to Going Bankrupt in Australia, the process will generally last for 3 years in most cases and for that 3 years your credit file will be branded with a 'bankruptcy' on it, this basically means you will not have the ability to borrow money. By the end of your 3 years you will be a 'discharged bankrupt' what this suggests is that your credit file will no longer say you are currently bankrupt it will say you were bankrupt. What this implies is that only select lenders will allow you to borrow money for things like houses and cars at a slightly greater interest rate, but if your income is ok then you will likely be okay. If you just Google Search 'Loans to discharged bankrupts' you will find plenty of lenders out there. The reason is basic, you are in fact a good risk given that you have no other debts anywhere. Your credit file will be marked with a 'discharged bankrupt' from the day your bankruptcy is finalised for another 2 years. So put simply your credit rating will be back to immaculate again after 5 years like nothing transpired. If you have actually had someone default your credit file it likewise remains on your credit file for 5 years and the implications for loaning money are equally dire with a default-- and it is because of this you will need to get in touch with someone about Going Bankrupt.
In many cases by the time someone files for bankruptcy in Port Macquarie their credit file is so ruined that the impact bankruptcy has on their credit rating is of no genuine effect they cannot borrow money in any case. If you are thinking about bankruptcy and you are wishing to know more call us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit: www.bankruptcyexpertsPortMacquarie.com.au
Asset Loss
When people come to me regarding Going Bankrupt I'm often asked 'what assets will I lose when I file for bankruptcy?' It is probably less complicated to think of it this way: Your household items are not going to be affected. The assets that you will sacrifice will be big things like cars, boats, houses etc. You can have a car to the value of $7,500 in equity. So to put it simply if you have a $20,000 car with a $20,000 car loan attached you can keep it due to the fact that its got no equity in it. So its not the total value that makes a difference in this case its the equity or the distinction between the loan and the value of the car. But I don't want to talk too much more about assets because it is a complicated area of Going Bankrupt, if you have questions about assets because you are considering Going Bankrupt contact us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit: www.bankruptcyexpertsPortMacquarie.com.au
There is ample confusing information and facts available about assets and bankruptcy, so make sure you get the right guidance. Your house may also be of concern for you, because you may have the ability to keep your house and still file for bankruptcy, once again contact us if you would like to know more about houses and Going Bankrupt in Port Macquarie.
Income Loss
For the 3 years you are bankrupt you may be required to contribute some of your income back toward your debt. (see table below).
There are some concerns with this aspect of your income though, firstly if you pay any child support that comes out of your income first off, so in other words your net income will be figured out once you pay your tax and then child support, what's left is your net income.
If you are a couple and you both go bankrupt these figures are based upon individual incomes not combined so with no dependents each partner can earn $1,010.45 in the hand weekly.
If one partner in a relationship is bankrupt the non bankrupt partner can get any income because it's not factored into the equation.
If you are self employed or your income is irregular the figure will be determined annually and not each week. If you earn over the threshold amount weekly then you will be required to contribute weekly from your pay.
But this is really important when it involves Going Bankrupt since If you do not provide from your salary like you are expected to, the effects are significant, your bankruptcy may be extended until you do re-pay the required amount.
Overseas Travel
The bottom line with bankruptcy and overseas travel is easy. If you get the right advice and file for bankruptcy properly in the first place, then you will not have an issue travelling overseas as often as you want while you are bankrupt.
The process is a basic online application you pay $150 and you are on your way.
If you are concerned about any of these problems In Going Bankrupt about Assets, Income, Credit Rating, and travel limitations give us a call here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit: www.bankruptcyexpertsPortMacquarie.com.au
