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 $1,188.00 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 Yearly
0 $1,188 $61,789
1 $1,402 $72,911
2 $1,509 $78,472
3 $1,568 $81,561
4 $1,592 $82,797
over 4 $1,616 $84,033
Contact us and we will explain how it will affect your client.
We will call you and discuss your client or scenario. Speak to practitioners who have seen 1000's of cases.
Phone 1300 163 017
Credit Score and Borrowing
Government & Other
AFCA - Australian Financial Complaints Authority
AFSA - Australian Financial Security Authority
Beyond Blue - Mental Health