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.

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Get a friendly chat about your situation. Speak to practitioners who have seen 1000's of cases. Complete the contact form or call Keith Dorahy direct on 0421 866 422


Phone 1300 163 017




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