Bankrupt, Declaring Bankruptcy, Bankruptcy
March 7, 2017 59

What can I keep when I’m Bankrupt – The bankruptcy means test.

Posted by:Charles Bosse onMarch 7, 2017

Whenever people worry about Bankruptcy, they fret about just how it will impact their day-to-day lives, and whether they will be able to retain their house, vehicle, tools, and other essential belongings.

Among the ways that we can work out this out is by using the insolvency means test. It is something that we take our clients through to show them just how they may or may not be affected, and what Bankruptcy will mean to them.

Personal and household items

Your valuables are always going to be a crucial aspect of concern with Bankruptcy in Australia because there is usually an irrational fear that someone will come out to your house to swipe all your stuff away, repossess your couch, television, even the coffee machine. However this is never ever going to hold true with pure insolvency because typically they don’t care about these items. There are a few interesting exemptions though with Bankruptcy and belongings so if you have distinct worries about this make sure that you get a bit of support initially or get in touch with us here at Bankruptcy Experts on 1300 818 575.

Tools.

With Bankruptcy you might be impacted if you have high priced tools. The rules state that you may keep tools of trade up to a limit of $3,700. However keep in mind that this is based upon ‘current cost’ and so if you bought your tools for $8,000 5 years before, they are likely to be worth far less today. So it is worth thinking about what amount you would anticipate them to be worth, or how much you could get for them if you had to sell them. But overall, the government doesn’t want insolvency to be a barrier to you doing your job, so they don’t desire to deny you accessibility to your equipment. It is quite a good part of Bankruptcy, but sometimes could be confusing. So when it relates to tools of trade, you really don’t have to stress just contact us here at Bankruptcy Experts for some guidance.

Motor vehicles

Individuals are constantly concerned about just how Bankruptcy will affect their vehicle. So the guideline is that you can easily retain one vehicle or motorbike up to the value of $7,600.

This takes into consideration current value, and also the equity. What does this mean? Well, equity deals with the sum of money you have effectively put into the car, and just how much is on a car loan. If you have bought a car for $10,000 without a loan, then the car can potentially be sold for that quantity, and $10,000 could be raised to pay off your bankruptcy liabilities. However, if you got a car loan for that quantity instead then there would be no benefit to selling your vehicle.

How do you value your car? Simplest way is to just have a chat to a second hand car dealer and ask how much they might provide you for it– that will provide you a rough idea regarding how your motor vehicle will be affected by this Bankruptcy method. Then you just have to think about the worth of your car loan or financing plan, and whether you are below or over the $7,600 threshold.

If your car is worth more than these threshold quantities get some assistance, at Bankruptcy Experts we help individuals work through their options when it relates to cars.

The Family Property

Much like with Bankruptcy and motor vehicles, the approach that can be taken to your house will certainly depend on equity. In case there is no equity in your house, then there certainly is no purpose in forcing you to sell it. If there is no money to be earned by taking the house from you, then they are seldom going to bother. For instance if you own a home worth $400,000 and you owe the bank $400,000 then more than likely you will have the chance to maintain your residential property after bankruptcy.

The worst part about all this though is that bankruptcy does not take into consideration emotions or excuses– you will not just have the ability to keep your car or house because you ‘need it’ or considering that you have a powerful emotional attachment. Bankruptcy can be cruel, but that is the reason why you need to ensure you speak to the right people. Do not jeopardize your family home by presuming or wishing you will have the ability to keep it post-bankruptcy because you have to live somewhere.

If you are stressed over your home or any other part of this Bankruptcy Means Test, then call us at Bankruptcy Experts on 1300 818 575 if you want to know more about Bankruptcy and Houses or anything to do with Bankruptcy. We are here to truly assist you. Visit our website for much more information, www.freshstartsolutions.com.au.

We provide a Free- No Commitment Consultation so call us today 1300 818 575.

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