What Assets Will I Lose?
People believe the minute they declare bankruptcy they lose everything except the shirt off their back, this is just not true.
Firstly when you apply for bankruptcy no one comes to your home and takes everything including your kitchen sink. All of your household items are safe when you apply for bankruptcy.
Anything that has high market value is an easier way to comprehend what might be taken from you when you apply 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 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 Fremantle on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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