How Much Can I Earn When I’m Bankrupt?

Whether you are in regional Australia or in the metro centres the first thing you need to know about going bankrupt is there is no restriction on how much you can earn. However, once your income is over the net amounts outlined in the chart below whatever you earn 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 pay back 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.