What Assets Will I Lose?
People think the minute they declare bankruptcy they lose everything except the shirt off their back, this is simply not true.
First of all 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 value is an easier way to comprehend what may be taken from you when you declare 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, 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 Emerald on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
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