VOLUNTARY BANKRUPTCY

ASSETS: Part 4 of 5.

ASSETS I USED TO OWN!

Your trustee will investigate assets you owned in the five years before bankruptcy. If they find that you have given away or sold assets for less than their market value, they may either recover these assets or the difference between the true value of the asset and the amount you received for it. Your trustee may also recover any assets that have been transferred for the purpose of defeating your creditors, includes assets transferred more than five years before bankruptcy.

WHAT LEGAL CLAIMS MAY I HAVE AGAINST SOMEONE!

If you have already started a legal action in a court, or if you believe you have a legal claim but have not yet started an action in the court, you cannot continue with the action or start a new action once you become bankrupt, it is up to your trustee to decide whether the claim should be pursued for the benefit of your creditors. However, should your claim be in relation to a personal injury or wrong done to you, your spouse, or a member of your family, or in respect of the death of your spouse or a member of your family, you may be entitled to pursue that claim even after you have become bankrupt. It is important to discuss these issues with your trustee who can provide you with further information in relation to such actions or claims.