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 thinking about 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 declare bankruptcy. Do not hesitate to download our eBook for free and educate yourself today. Or, if your questions are more complex, call us at Bankruptcy Experts Alice Springs directly on 1300 795 575.
Is going bankrupt my only choice? No of course not you always have a choice, you might wish to think about a debt consolidation loan. However, the most popular alternative considered instead of bankruptcy is a Debt Agreement (Part IX). Study the graph to work out the relative benefits and drawbacks of Bankruptcy, Debt Agreements, and Personal Insolvency Agreements, so you can make an educated choice.
Should I Consider a
Debt Consolidation Loan?
A debt consolidation loan is sometimes the best plan. What the plan does is to pack all the various loans into one, larger loan. There might be a fee to consolidate the debts. One of the biggest challenges to think about 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 anyone, of any age, who resides with you and earns no more than $3,708 per year. 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.