Bankruptcy Advice - other assets

Bankruptcy Advice

When you are made bankrupt any assets that you own come under the control of the Trustee, who is responsible for making as much money as they can from these to start to pay back your creditors.

Don’t panic: You are entitled to keep household items such as clothing, appliances, furniture or those items that you genuinely require in your employment or business.

If you have items in your home which are expensive, such as an antique dining table, the Trustee may seek to sell this and make available a small amount of funds for you to buy an alternative which would serve the same purpose.

Indeed, if you drive an expensive vehicle, whether in the course of your business or personally, the Trustee is likely to sell this and replace it with a more basic model.

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