When you apply for voluntary bankruptcy, some of your assets will be safe and some won't be.
Assets you'll probably lose include:
- real estate, such as houses and land
- cars over a certain value*
- personal effects such as antiques and luxury electronic items
- tools of trade over a certain value*
- artworks of significant value and some jewellery
- any inheritance, tax refund or winnings
- money in bank accounts in excess of $1,000 (at the beginning of bankruptcy)
Assets that are safe include:
- household goods of reasonable value, such as furniture, TVs and computers
- a car worth less than a certain value*
- tools of trade worth less than a certain value*
- in most cases: superannuation, life insurance policies and personal injury compensation payments
* Refer to AFSA's Indexed Amounts for these values.