What can I keep and lose if I’m bankrupt?

When you are declared of bankruptcy, you have to accept that you will lose your assets to pay for debts. However, to enable your ability to go forward with your life, there remains some items you can keep to afford basic living demands.

Here are things that you can keep or may lose if you are in a bankruptcy:


  • Necessary household furniture and personal things (clothes, sentimental value such as medals, trophies, wedding ring,…)
  • Motor vehicles with equity under a certain threshold
  • Trading tools used to earn income up to a certain value


  • Any house or land that is solely under your title. In case of a jointly owned house or property, the trustee will own your share of the property. Pressure may be placed on the other owner to either sell or buy your interest. If necessary your trustee can get a court order for the sale of the property, which adds significantly to costs of sale
  • Expensive jewellery and valuable furniture
  • Motor vehicle which is over the threshold amount for its equity will be sold
  • Stocks and shares
  • Inheritances received under a will, gifts and any lottery winnings received while you are bankrupt

Noted: A court can look at fraudulent or undervalued transactions to return assets when the real reason for disposing of the property was to save it from your creditors. Things that you gave away or sold for less than market value up to 5 years ago may also be recovered by your trustee.

Bankruptcy. Commercial Law
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