What Assets Will I Lose?
People believe the minute they declare bankruptcy they lose everything except the shirt off their back, this is just not true.
Firstly when you declare bankruptcy no one comes to your home and takes every little thing including your kitchen sink. All of your household possessions are safe when you declare bankruptcy.
Anything that has high market value is an easier way to comprehend what may be taken from you when you file for bankruptcy, things like your home (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 financial investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Advice Sydney on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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