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.