Big 5 Questions
– Is going bankrupt right for me?
– Will I lose my job?
– How will my income be affected?
– Can I keep my house or car?
– Will I lose my business or can I still be self-employed?
If you are considering bankruptcy, having the ability to answer these questions is vital. When you have all this information then you will know exactly what will happen to your business and assets should you choose to apply for bankruptcy. Feel free to download our eBook for free and educate yourself today. Or, if your concerns are more complex, call us at Bankruptcy Shellharbour directly on 1300 795 575.
Is going bankrupt my only choice? No of course not you always have a choice, you may wish to think about a debt consolidation loan. However, the most popular option considered instead of bankruptcy is a Debt Agreement (Part IX). Study the graph to work out the relative advantages and drawbacks of Bankruptcy, Debt Agreements, and Personal Insolvency Agreements, so you can make an informed choice.
Should I Consider a
Debt Consolidation Loan?
A debt consolidation loan is often the most suitable plan. What the plan does is to pack all the assorted loans into one, much larger loan. There might be a fee to consolidate the debts. One of the biggest challenges to consider is your credit rating, typically people considering bankruptcy have a badly damaged credit rating so a debt consolidation loan is just not an option.
Bankruptcy and Employment
Bankruptcy Income Thresholds
Who Is Considered a Dependent?
A dependent can be anybody, of any age, who resides with you and earns no more than $3,708 annually. If you have children who do not live with you full-time, and you pay child support for them, you cannot class them as dependents. By the way, Centrelink payments are considered income for your dependents.