Will any assets be protected in bankruptcy?

Bankruptcy anticipates a minimum standard of living and as such as a bankrupt you will be entitled to retain certain assets subject to statutory limits. These limits are indexed and updated by AFSA every six months.
The assets which you will be able to retain (ie they will be protected under bankruptcy) include:

  • Cash at Bank – limit of up to $2,000
  • Motor vehicle – limit of up to $9,100
  • Tools of trade – limit of up to $4,200
  • Superannuation
  • Household goods and clothing

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