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Bankruptcy and your assets

So what happens to your assets when you are made bankrupt? As with most things with bankruptcy it's not all bad.


 

You are able to keep:

  • Tools
  • books
  • equipment that you need on a day to day basis for your employment or business.

    You can also keep:

  • clothing
  • furniture
  • bedding
  • household equipment and other basic items that you will need to run your home.


     

    As with your car if there is significant value in any of your assets the trustee has the right to sell them and replace them with reasonable items. For example if you have just purchased a 50inch plasma TV for £1500, the official receiver is likely to collect the TV for resale and provide funds for a modest alternative.


     

    Assets that are held on trust for someone else are also excluded from the bankruptcy.


     

    As with everything  please feel free to discuss any questions you may have regarding any of your personal assets.

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