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.
First of all when you declare bankruptcy nobody comes to your home and takes everything including your kitchen sink. All of your household items are safe when you declare bankruptcy.
Anything that has high value is a simpler way to comprehend what may 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 substantial assets such as boats, caravans, motorbikes, 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 Darwin on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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