Going Bankrupt With Assets

Can I Keep My Assets While Bankrupt

Can I Keep My Assets While Bankrupt?

The answer is yes you can – within limits. You can keep your car up to auction value of $8,550, your furniture and ordinary household items, or anything that is reasonably needed by your dependants. You can also keep your work tools up to an auction value of $3,950. You can also keep any asset you hold in trust for someone else.

If you own your family home it can be a bit more complicated. It will require the co-owner, a family member, or a friend to buy your equity in the house from the bankrupt estate. 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 hello@understandingbankruptcy.com.au 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.

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