Bankruptcy and Income

Many people think and are told that if they go bankrupt they will lose part of their income. This is not always true. There is a protected amount, which is always the bankrupts to keep. Currently this amount is $1,322.00 after tax per week for a person with no dependants.

The more dependants the higher the protected amount.

Here are the protected amounts. They are all after tax.

Dependants    Weekly
0                        $1,322
1                        $1,560
2                        $1,679
3                        $1,745
4                        $1,772
over 4               $1,798

If you get paid fortnightly double the above amounts.

If you get paid monthly multiply the above amounts by 4.3

They are all after tax amounts.

Contact us and we will explain how it will affect you.