Your assets might be sold to pay your bankruptcy debts.
Assets are the things you own including:
- money and savings
- cars and other vehicles
- life insurance policies
You usually need to hand over your assets to the trustee.
What you can keep
You can usually keep:
- things you need for your job, like tools, books or a vehicle
- household items, like furniture
But you may need to give these things up if they cost more than a reasonable replacement.
You can usually keep any money you’ve put into a pension. But if you’re getting payments from it when you’re made bankrupt, these usually count as income.
You should talk to the trustee about how bankruptcy could affect a private pension.
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