How much can I earn – and how much can I keep?
If you thought you would lose most of your wages by going bankrupt, stop worrying. The bankruptcy law ensures you have enough money to live on.
During bankruptcy, you can earn a minimum of around $1,135.23 per week (after tax), if you don’t have dependants. That amount can rise to $1,543.91 depending upon how many dependants you have. Also, this amount is after child support, if that’s your situation.
Your income up to these amounts is yours for you to spend. If you are in the fortunate position to be earning in excess of these amounts – and good luck to you if you are – the good news is that you get to keep half of the after tax excess amount as well.
I was surprised when I realised how much money I would have to live on during my bankruptcy. It is very fair. If you need to have a chat about your circumstances please give me a call on 1300 794 492 or email email@example.com.