What Assets Will I Lose?
People think the minute they declare bankruptcy they lose everything except the shirt off their back, this is just not true.
Firstly when you file for bankruptcy nobody comes to your home and takes every little thing 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 comprehend what might be taken from you when you declare bankruptcy, things like your house (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 Experts Mackay on 1300 795 575 and we can assist you with understanding the rules surrounding assets and bankruptcy.
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