This section covers the questions you are most likely to want answered about what will happen to your assets if you are made bankrupt.
When you are declared bankrupt, you surrender all your assets, i.e. possessions of value, including any interest in your home.
The Trustee must be informed of all assets, it is their decision as to what you can keep. They will arrange for their sale, using the proceeds to pay the fees, costs and expenses of the bankruptcy, before paying the creditors.
When the bankruptcy order is made, your bank and savings accounts are seized by the Trustee. If in credit, the balance is a asset in the bankruptcy.
You can keep any tools, books, vehicles (if low value) and other items of equipment needed personally in your employment or business. You will also be able to keep your clothing, bedding, furniture and basic household items.
Our panel of specialists can quickly advise you if you are considering going bankrupt. Simply call the team on 0800 088 2208. Alternatively take the online bankruptcy and find your best solution.
I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.
Join 100,000s of Money Advice Onliners who read our WEEKLY email. Get our round up of ALL the best money saving tips, best buys, discount vouchers and competitions. Don't miss out!
Money Advice Online are a comparison service that acts as an introducer to companies who offer regulated financial advice (FCA approved). Money Advice Online does not provide any advice and we are not liable for any financial advice provided by, or obtained through a third party. As with any investment, the value of investments can fall as well as rise and maybe worth less than what was paid in. Past performance is not an indicator of future results.
Money Advice Online does not provide any regulated debt activates in relation to debt counselling or adjusting. You can also get free impartial debt advice by following this link to the Money Advice Service.