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Your assets might be sold to pay your bankruptcy debts.

Assets are the things you own including:

  • money and savings
  • property
  • cars and other vehicles
  • life insurance policies
  • jewellery
  • shares

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. 

Private pension

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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