What Assets Will I Lose?
People believe the minute they declare bankruptcy they lose everything except the shirt off their back, this is simply not true.
First of all when you apply for bankruptcy no one comes to your house and takes every little thing including your kitchen sink. All of your household possessions are safe when you declare bankruptcy.
Anything that has high value is a much easier way to comprehend what might be taken from you when you apply for bankruptcy, things like your home (if there is equity in it), your car (if it is worth more than $8,000 wholesale) and other large assets such as boats, caravans, motorcycles, shares, rental properties and other financial investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Experts Australia on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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