What are the asset allowances in bankruptcy?

There are two main classes of assets that are protected in bankruptcy to an indexed threshold amount.

Tools of trade $3,950
Vehicles (cars/motorbikes) used mainly for transport $8,550

There's also an amount of credit you can get from lenders without being required to disclose the bankruptcy or debt agreement (Part IX or Part 9). This amount is updated quarterly and is currently $6,386.00

 

Last updated: 27 July 2022.