Will I have to make payments from my income?

There are a range of “threshold amounts” and dependants criteria that the government (AFSA) sets twice a year (March & September).

Those amounts are the amounts your receive after tax is paid/payable. And factors in any variations on income like income tax payments and child support payments (section 139N of the Bankruptcy Act 1966). During bankruptcy, your income is assessed annually based on the above factors, and you may have to pay a portion of your income into the bankruptcy estate (called an income contribution) for the benefit of your creditors.

Worrells work this all through from the outset with people considering or subject to bankruptcy to ensure they understand what could happen with any possible income contributions during the standard three-year bankruptcy period.