What Assets Will I Lose?
Firstly when you declare bankruptcy nobody 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 value is a much easier way to understand what may be taken from you when you declare 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, 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 Wollongong on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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