What is an Asset?

By definition, assets are things that you own that can be converted into cash. This includes:

•  - Property
•  - Vehicles
•  - Life policies
•  - Shares
•  - Jewellery
•  - Expensive luxury items (e.g. a fur coat, fine art)
•  - Money is also considered an asset.
• 
  

So what will I be allowed to keep?

A debtor is normally allowed to keep essential items required for general day to day living, including:

•  - Clothes
•  - Furniture
•  - Household linens
•  - Floor coverings
•  - Cooking equipment/utensils
•  - Cleaning equipment/utensils
•  - Educational items
•  - Children's toys.
•  - Tools for any trade, up to a value of £1,000.
•  - A vehicle below the value of £2,500

The trustee has the power to sell some or all of the debtor's assets in order to pay the cost of the bankruptcy and the debts.

You must inform the trustee of any new assets acquired during the bankruptcy term. 

For more information on filing for bankruptcy or alternative debt solutions, please click on the relevant links below.

What is bankruptcy?

Is bankruptcy right for me?

The bankruptcy process

The history of bankruptcy

Will bankruptcy remove ALL of my debts?

Bankruptcy FAQs

Being discharged from bankruptcy

Bankruptcy for Expats

Famous Bankrupts

IVAs

IVA Extraction

Debt Management

Debt Consolidation

Trust Deeds (Scottish Residents Only) 

Alternatively, to discuss bankruptcy or any other debt solutions, please call 1Stop Money on 0800 012 4039 or fill in the online form and a 1Stop Money broker will contact you as soon as possible.

1Stop Money  - your first stop for finding the debt solution you need.