What Assets Will I Lose?
People think the minute they apply for bankruptcy they lose everything except the shirt off their back, this is simply not true.
Firstly when you file for bankruptcy no one comes to your home and takes everything including your kitchen sink. All of your household possessions are safe when you apply for bankruptcy.
Anything that has high market value is a much easier way to comprehend 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 Experts Melbourne on 1300 795 575 and we can assist you with making sense of the rules surrounding assets and bankruptcy.
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