What Assets Will I Lose?
Firstly when you file 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 declare bankruptcy.
Anything that has high market value is a much easier way to comprehend what might be taken from you when you apply 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 Coffs Harbour on 1300 795 575 and we can assist you with making sense of the rules surrounding assets and bankruptcy.
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