What Assets Will I Lose?
People believe the minute they declare 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 items are safe when you file for bankruptcy.
Anything that has high market value is an easier way to understand what might be taken from you when you apply for 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, 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 Experts Gold Coast on 1300 795 575 and we can assist you with understanding the rules surrounding assets and bankruptcy.
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