5. Your assets

Your assets will be sold to pay your bankruptcy debts. You have to hand over your assets to the person appointed to manage your bankruptcy. This person is called your ‘trustee’ and can be:

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

To begin with, the official receiver usually acts as your trustee.

Assets you can keep

You can usually keep:

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

However, you may have to give these items up if they cost 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, eg to buy food
  • your partner’s share of any money in a joint account

It’s up to your bank if they allow you to continue using the accounts.

Your pension

Speak to your trustee or read The Insolvency Service’s guide, ‘What will happen to my pension?’

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