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.
First of all when you apply for bankruptcy no one comes to your house and takes every little thing including your kitchen sink. All of your household possessions are safe when you file for bankruptcy.
Anything that has high value is a simpler way to comprehend what may be taken from you when you apply 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 Experts Hobart on 1300 795 575 and we can assist you with making sense of the rules surrounding assets and bankruptcy.
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