Call Us Free: 0800 36 88 133
Follow Us:

What Happens To Assets In Bankruptcy

Big or small, every debt problem can be solved

What Happens To My Assets In Bankruptcy?

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.

assets in bankruptcy

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 your bank account is in credit, the balance is a asset in the bankruptcy.

Free Online Bankruptcy Eligibility Test

Check now

Use our Free Online Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you.

Items Excluded From Bankruptcy

It is only reasonable that you be allowed to keep essential items and are not impeded from earning a living. Items which can to be excluded from bankruptcy include:-

  • Household items essential for basic domestic needs. e.g. Clothes, Furniture, TV etc.
  • A modest vehicle depending on circumstances, see - Bankruptcy & Your Car.
  • A residential tenancy.
  • Items needed for trade or employment such as tools and computing equipment.
  • Money obtained from a student loan, if a balance of the loan remains payable.

For information about property see - Bankruptcy & Your Home.

Bankruptcy is just one of several options to be considered when you cannot repay your debts.

If you are ever faced with the prospect of bankruptcy you should always look at alternatives as soon as possible such as an Individual Voluntary Arrangement or a Debt Relief Order.

What can I keep if I'm bankrupt?

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.

Need Bankruptcy Advice?

Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 368 8133.
Alternatively take the online bankruptcy test and check if you qualify.


no credit on prepayment meter

What to do if your prepayment meter has run out of credit

Read

This guide explains what you should do if your pre-payment meter for gas or electricity runs out of credit....


Lowell Portfolio 1 Ltd

How to deal with a Debt Collection Letter from Lowell Portfolio 1 Ltd

Read

Have you received a letter from Lowell Portfolio 1 Ltd. In this guide we'll show you a common letter they send, the tactics they use and how to deal with...


debt advice

Young Adults Could Face A Lifetime Of Debt

Read

More and more 17-24 year olds are being forced to turn to bank and payday loans as well as borrowing from friends and family. We explore what help is available...

Contact the Money Advice Team:

moneyadviceonline.co.uk 0800 36 88 133

0800 36 88 133

(freephone, including all mobiles)
money advice online

Request A Callback

No time to talk, we'll call you back.
money advice

Have A Question?
Ask an expert now.

Need Need Help? Our team of experts will send you their answer by email within 1 working hour.

Connect With Us

Latest testimonial

Fantastic,they are life savers.

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.

Darren

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!

* indicates required

We hereby promise to be responsible emailers.

Contact Us
  • Address: Digital World Centre, 1 Lowry Plaza, The Quays, Salford, Manchester, M50 3UB
  • Phone: 0800 36 88 133
  • Email: [email protected]
  • Mon - Fri: 8:00 am - 9:00 pm
    Sat - Sun: 10:00 am - 4:00 pm
Say Hello

Moneyadviceonline.co.uk is a trading style of Baker Adams Advisory Limited © 2018 All right reserved.
Registered office: 6 Abberley Hall, Chelford Road, Alderley Edge, SK9 7TJ. Registered in England and Wales. Co Reg No. 11246301

Moneyadviceonline.co.uk is a comparison service that acts as an introducer to companies who offer regulated financial advice (FCA approved). Our website is completely free for you to use but we may receive a commission from some of the companies we feature. Moneyadviceonline.co.uk 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. Moneyadviceonline.co.uk 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.

Bankruptcy Advice, IVA, Business Loan