Can I keep my assets?
The answer is yes you can – within limits – if you decide to go bankrupt. You can keep your car up to auction value of $8,000, your furniture and ordinary household items, or anything realistic that is needed by your dependants. You can also keep the tools you need for work up to an auction value of $3,800 and any asset you hold in trust for someone else.
Staying living in your family home can be a bit more complicated. It will require the co-owner, a family member or friend buying your house for you to keep living in it. The good news is that this can be explored with the Bankruptcy Trustee before a decision by the Trustee is made regarding the sale of the home.
There is more information on this in the section ‘Can I Own Anything’. If you would like to explore your options regarding the possibility of remaining living in your home, give me a call on 1300 794 492 or email me at email@example.com and we can have a chat.
Shares and investments such as boats and caravans will be sold by the Trustee and the proceeds put into your bankrupt estate (bucket). The good news is that your super that has accumulated over time is safe.