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 $1,346.00 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                                  $1,346
1                                  $1,588
2                                  $1,709
3                                  $1,777
4                                  $1,804
over 4                         $1,830

Contact us and we will explain how it will affect your client.