Here at CRS Insolvency Services, we understand that the bankruptcy process can be very confusing and daunting for many people. As such, we’ve broken down the key points to know and answer the question ‘What assets can I keep during bankruptcy?’

 

Firstly, if your assets include tools used to perform a trade, you can keep them as long as they are no more than the saleable value of $3,750.

 

Secondly, if you own a vehicle or vehicles for transport, you are also allowed to keep them, provided that they are no more than the saleable value of $7,900. However, if you owe finance on the vehicle then this will vary. In this scenario, the $7,900 threshold will be determined by the vehicle’s value less the secured debt.

 

Thirdly, here is a non-exhaustive list of other possessions that you are allowed to keep in bankruptcy:

• Household goods, such as appliances, furniture and clothing
• Personal injury claims and compensation
• Life insurance policies

 

These statutory thresholds are maintained by AFSA, and these values are correct at the date of publication.

 

For more information, we offer a FREE initial consultation so that you can get unbiased, expert advice on how a bankruptcy can be best for you. Call the CRS Insolvency Services hotline at 1800 210 073.