When you become bankrupt, there are some consequences which may affect your personal belongings. Your trustee has rights to take control of and sell some of your assets. During bankruptcy, you’re not allowed to deal with assets that now belong to your trustee.
Bankruptcy allows you to keep most ordinary household items of reasonable value, such as your:
- tv & computer
You can also keep other items if they are below a set amount, such as your:
- car and
- tools you use to earn a living.
For more information about which assets your trustee can claim see: Assests that can be taken or sold.
If you have any questions about your belongings, talk to your trustee. Your trustee can investigate and ask you for more information. It is your obligation to assist your trustee with this information.
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.