Bankruptcy is designed to protect your income to ensure you can still meet your essential needs but the amount of income you can keep (the ‘threshold amount’) depends on how many dependants you have.
With any amount you earn that is more than your ‘threshold amount’ in after-tax dollars, you keep half and the other half is paid to your bankrupt estate.
See the full story here.
Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone
1300 060 122 or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.