ASSETS IN BANKRUPTCY

PART 4 OF 4.

LEGAL CLAIMS- 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 that 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 to the death of our spouse or 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.

ASSETS WHICH MY TRUSTEE CAN SELL WHEN I AM DISCHARGED FROM BANKRUPTCY:

Your trustee keeps any assets which have not been sold before your discharge- end of bankruptcy. Your trustee may have been unable to sell your assets straight away and it may take some years.
If all your creditors plus your trustee's fees and expenses have been paid, any remaining assets will be returned to you and your bankruptcy will be annulled.