What Assets Will I Lose?

People believe the minute they apply for bankruptcy they lose everything except the shirt off their back, this is just not true.

To start with when you file for bankruptcy nobody comes to your home 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 much easier way to comprehend what might be taken from you when you file for 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 Experts Port Macquarie on 1300 795 575 and we can assist you with making sense of the rules surrounding assets and bankruptcy.