What Assets Will I Lose?
Firstly when you declare bankruptcy nobody comes to your home and takes every little thing including your kitchen sink. All of your household possessions are safe when you apply for bankruptcy.
Anything that has high value is a simpler way to understand what might be taken from you when you file 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 Gympie on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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