What Assets Will I Lose?
To start with when you declare bankruptcy no one comes to your home and takes everything including your kitchen sink. All of your household items are safe when you file for bankruptcy.
Anything that has high market value is a simpler way to understand what might be taken from you when you apply for bankruptcy, things like your house (if there is equity in it), your vehicle (if it is worth more than $8,000 wholesale) and other large assets such as boats, caravans, motorbikes, shares, rental properties and other investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Experts Newcastle on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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