Your assets

Your assets might be sold to pay your bankruptcy debts. You have to hand over your assets to the person appointed to manage your bankruptcy (your ‘trustee’). They can be:

  • an official receiver - an officer of the court
  • an insolvency practitioner - an authorised debt specialist

The official receiver will usually act as your trustee to begin with.

Assets you can keep

You can usually keep:

  • items needed for your job, such as tools or a vehicle
  • household items, such as clothing, bedding or furniture

You might have to give these items up if they’re worth more than a reasonable replacement.

Your bank accounts

You must give the official receiver your bank cards, cheque books and credit cards for any accounts you’re no longer allowed to use. This includes any account that was overdrawn on the date you were made bankrupt.

Your accounts will be frozen but your trustee may release:

  • any money you need urgently, for example to buy food
  • your partner’s share of any money in a joint account

Your bank will decide whether to allow you to continue using your accounts.

Your pension

You usually keep any money you’ve put into a pension.

If you’re getting pension payments when you’re made bankrupt, those payments usually count as income.

Speak to your trustee or read the guidance to find out how bankruptcy will affect your pension.

You can get free advice on managing your money and how bankruptcy affects your credit rating from Citizens Advice or National Debtline.