Bankruptcy information document

Things you own (known as assets) may need to be sold to help pay your debts. This includes (but is not limited to):

• property
• vehicles
• policies

You can normally keep:

• everyday household items
• clothes
• tools needed for work
• low-value vehicles

If something needs to be sold, your trustee will discuss this with you and explain your options.

You must tell your adviser and trustee about everything you own or have owned in the last 5 years. This includes items you have given away or transferred.

If you have something on hire purchase, check the agreement before applying, as bankruptcy may affect it.

If you hide any of this information from your trustee, they may take legal action against you.