Frequently Asked Questions

Can I Keep the Tools I Need For Work?

Yes, the allowance is up to $3,800 auction value. Don’t think about what you paid for your tools, it’s about what your tools would sell for now at auction. Most people can keep all their tools. If the auction value of your tools exceeds the allowed amount, it's possible for you to keep the use of all of your tools if a member of your family or friend can buy the balance, paying the difference between the auction value and the allowed amount of $3,800.

We are here to help. If you have any questions please give us a call on 1300 764 197 or email hello@understandingbankruptcy.com.au

Further Reading: We recommend our article Can I Own Anything? Which can be accessed here and What is Bankruptcy? How Does It Work? which can be accessed here.

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