What Assets Will I Lose?
To start with when you apply for bankruptcy nobody comes to your house and takes every little thing including your kitchen sink. All of your household possessions are safe when you file for bankruptcy.
Anything that has high value is a simpler way to understand what might be taken from you when you declare bankruptcy, things like your home (if there is equity in it), your vehicle (if it is worth more than $8,000 wholesale) and other substantial 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 Tweed Coast on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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