What Assets Will I Lose?
Firstly when you declare bankruptcy no one comes to your house 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 simpler way to comprehend what may be taken from you when you apply 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 investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Experts Joondalup on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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