What Assets Will I Lose?
People believe the minute they apply for bankruptcy they lose everything except the shirt off their back, this is simply not true.
First of all when you apply for bankruptcy no one comes to your home and takes every little thing 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 may 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 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 Experts Gosford on 1300 795 575 and we can assist you with making sense of the rules surrounding assets and bankruptcy.
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