ASSETS IN BANKRUPTCY

PART 2 OF 4.

ASSETS MY TRUSTEE CAN SELL TO REPAY CREDITORS.

Apart from the assets you can keep, your trustee will recover any assets even if they are overseas or in someone else's possession.
Examples include:
-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 become 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 I OWN WITH ANOTHER PERSON:
If you have a share in an asset, for example a 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 form selling it on the open market.