What Assets Will I Lose?
To start with when you apply for bankruptcy no one comes to your home and takes everything including your kitchen sink. All of your household possessions are safe when you declare bankruptcy.
Anything that has high market value is a much easier way to understand what might be taken from you when you declare bankruptcy, things like your home (if there is equity in it), your car (if it is worth more than $8,000 wholesale) and other substantial 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 Port Stephens on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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