What Assets Will I Lose?
To start with when you apply for bankruptcy nobody comes to your home and takes every little thing including your kitchen sink. All of your household items are safe when you declare bankruptcy.
Anything that has high market value is a simpler way to understand what might be taken from you when you apply for bankruptcy, things like your home (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, 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 Parramatta on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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