What Assets Will I Lose?
People believe the minute they file for bankruptcy they lose everything except the shirt off their back, this is simply not true.
To start with when you file for bankruptcy no one comes to your house and takes everything including your kitchen sink. All of your household items are safe when you declare bankruptcy.
Anything that has high market value is an easier way to comprehend what might be taken from you when you apply for bankruptcy, things like your house (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 investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Newcastle on 1300 795 575 and we can help you with making sense of the rules surrounding assets and bankruptcy.
No Obligation – First Consultation Free.
Simply fill out the following form for a call back: