How Much Can I Earn When I’m Bankrupt?
Whether you are in rural ACT or in the centre of Canberra the first thing you need to know about declaring bankruptcy is there is no limitation on how much you can earn. Having said that, once your income is over the net amounts outlined 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 required 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 find out more about bankruptcy income download our eBook or just call us on 1300 795 575.
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