VOLUNTARY BANKRUPTCY

ASSETS: Part 1 of 5.

Assets are anything of value you own when you become bankrupt plus anything you buy or receive before the end of your bankruptcy.
Some assets are exempt, which means you may keep them. Some assets are non-exempt for divisible, which means your trustee may sell them for the benefit of your creditors.

WHAT ASSETS MAY I KEEP? (limits apply and change every 6 to 16 months.)

-most ordinary household or personal items.
-tools used to earn an income.Limit ($3 350.00)
-vehicles, cars or motorbikes.Limit ($6 700.00)
-most funds held in registered superannuation funds and payments from regulated superannuation funds received after you have become bankrupt. Note superannuation payments received prior to bankruptcy are not protected.
-life assurance policies in respect of yourself or your spouse or proceeds from such policies received after your bankruptcy.
-compensation for a personal injury,eg injury to you from a car accident or workers compensation.
-assets to the extent that they were bought with your personal compensation money or certain government grants.
-an asset held by you in trust for another person,eg child's bank account.
-awards for a sporting, cultural, military or academic nature made to you, such as medals or trophies and claimed as having sentimental value may be exempted by a vote of creditors.