What Assets Will I Lose?
Firstly when you declare bankruptcy no one comes to your house 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 a much 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 car (if it is worth more than $8,000 wholesale) and other large assets such as boats, caravans, motorbikes, 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 Perth on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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