You may be worried you will lose your household furniture and effects when you become bankrupt.
You do not need to worry; your normal household furniture and effects are protected, for you.
You can also save and buy these items during bankruptcy. This could be to replace an item that has broken down or to buy an item you have not previously owned.
If your household furniture is rented, you will need to continue making the monthly payments for your continued use of those goods.
If you have assets like antiques and works of art that are appreciating in value, you should expect to lose those but items like your leather lounge from Harvey Norman are safe – protected for you.
For more information call Nicholls & Co on 1300 060 122 or email helpdesk@nichollsco.com.au.
