I am putting all indexed amounts in over a few days:
I hope you think very seriously about the limits this imposes in your life and not to take Bankruptcy to flippantly.
These limits are for a period of three years to seven years. Depending on when you are discharged.
The Bankruptcy Act Regulations contain a number of thresholds, limits and other amounts that are regularly indexed ( changed in line with the Consumer Price Index or the base pension rate).
Limit updated twice a year: March and September.
TOOLS: $3350.00
A bankrupt may keep tools used to earn an income, up to this limit.
VEHICLES: $6700.00
The amount refers to the equity in the vehicles. ( the value of the vehicles less the sum owing under finance).
I hope you think very seriously about the limits this imposes in your life and not to take Bankruptcy to flippantly.
These limits are for a period of three years to seven years. Depending on when you are discharged.
The Bankruptcy Act Regulations contain a number of thresholds, limits and other amounts that are regularly indexed ( changed in line with the Consumer Price Index or the base pension rate).
Limit updated twice a year: March and September.
TOOLS: $3350.00
A bankrupt may keep tools used to earn an income, up to this limit.
VEHICLES: $6700.00
The amount refers to the equity in the vehicles. ( the value of the vehicles less the sum owing under finance).
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