Assets in bankruptcy

Fifimouse

Hi, I'm struggling to find out the level of what can be considered an asset in bankruptcy. I know that work equipment is exempt, but what extent is your household examined?

fermi

What do you mane by your household? Your house contents? Or assets that might belong to others in your 'household' who haven't gone bankrupt?

In general most normal household items would either be legally exempt due to being needed for reasonable domestic needs, or would simply not be worth the expense of collecting and auctioning. However, if you own newish high value items, valuable antiques, jewellery etc then they may want to claim them.

What specifically are you concerned about?

Fifimouse

Thank you for the reply.

I'm just terrified full stop, but I was worried about someone making me sell half the contents of my house. I have nothing of value but will they want an inventory?

fermi

Not normally, no. No need to be terrified.

You just list major valuable items in the bankruptcy forms and usually that is it.

There is no definition or guidance on 'valuable' but in general experience here is that if it's a domestic item and worth less than £1,000 then it's not even worth listing on the forms.

Fifimouse

thank you.