What Assets Will I Lose?
First of all when you file for bankruptcy nobody comes to your house and takes everything including your kitchen sink. All of your household items are safe when you apply for bankruptcy.
Anything that has high market value is a simpler way to understand what may 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, motorcycles, 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 Darwin on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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