1 min read
How bankruptcy affects your belongings
During bankruptcy, your trustee has a legal right to take control of and sell some of your assets. You're not allowed to deal with assets that vest in (belong to) your trustee.
Bankruptcy allows you to keep most ordinary household items of reasonable value, such as your:
- furniture
- tv and computer
- appliances.
You can also keep other items if they are below a set amount, such as your:
- car
- tools you use to earn a living.
If you have any questions about your belongings, talk to your trustee who can investigate. Your trustee may ask you for more information, which you must provide.
There are penalties for failure to reveal your assets, whether owned before or during bankruptcy. These penalties can include extending your bankruptcy period for up to 8 years.
Find out more about assets that can be taken or sold during bankruptcy.