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bankruptcy
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what are classed as assets in bankruptcy
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When an individual is declared bankrupt, everything that he or she owns (except for certain personal items such as bedding and clothing and items required to carry on a business, such as a car) are transferred to the ownership of ("vest in") the Trustee in Bankruptcy. The Trustee in bankruptcy then sells the assets and distributes the proceeds to the creditors according to their priorities and after paying the proper expenses of the bankruptcy.Taken from the PKF website to save time.
In reality the Trustee will not take anything that has no real value eg microwaves,TV 's and general electrical items but would be interested in high value goods such as jewellery,cars,boats etc. You can still own an average car suitable for work purposes.
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