How Much Can I Earn When I’m Bankrupt?
Whether you are in regional VIC or in the metro centres the first thing you need to understand about declaring bankruptcy is there is no restriction on how much you can earn. Having said that, when your income is over the net amounts laid out in the chart below whatever you make over that you pay 50 cents in the dollar back toward your debts. An example would be if you have no dependents and you earn $66,031.70 net or $10,000 after tax over the threshold, of that amount you will be expected to repay half of it towards your debts. You can earn more if you have dependents (see video above for more about that).
There is a lot more to this situation of course, so if you want to learn more about bankruptcy income download our eBook or simply call us on 1300 795 575.