VOLUNTARY BANKRUPTCY

ASSETS: Part 2 of 5.

WHAT ASSETS WILL MY TRUSTEE SELL?

Apart from the assets you can keep, your trustee will recover any assets even if they are overseas or in someone else's possession. eg.
-houses, apartments, land, farm and business premises (including leases).
-motor vehicles other than exempt ones.
-shares and other investments(including shares held in your employer's business).
-tax refunds for income earned before you became bankrupt.
-proceeds of a deceased estate where the person dies before or during your bankruptcy.
-lottery winnings and other competition prizes.

WARNING: there are penalties if you fail to;

-disclose assets on your statement of affairs.
-disclose to your trustee in writing, within 14 days any assets you acquire during bankruptcy.

ASSETS OWNED OR SHARED WITH ANOTHER PERSON:

If you have a share in an asset, eg. house, your trustee can sell your share. If the co-owner is not also bankrupt, the trustee may agree to sell your share to them, but it would have to be for at least as much as the trustee could get from selling it on the open market.