People who are considering petitioning for their own bankruptcy are sometimes concerned that they will lose everything they own. This is not the case. Items such as books, dvds, plants, cutlery, crockery, stereo and such normal household artifacts are of no interest to the trustee in bankruptcy and the bankrupt will be allowed to retain these and all such normal items.
Bankrupt persons are also allowed to retain a vehicle necessary for domestic and work related transport, provided it is not of excessive value. If such a vehicle is of high value and the bankrupt could do with a cheaper vehicle, then they may be required to sell it and purchase a more appropriate vehicle and contribute the difference to their bankruptcy fund.
Normal household furniture and artifacts will not be seized by the trustee unless they are of an abnormally high value. Also exempt are what are described as ‘tools of the trade’: any tools required by the debtor to carry out his principal income-earning activities would not be seized.
If in doubt about any particular item, why not make contact with a firm specialising in insolvency services or the CAB who will quickly and easily answer any such questions for anybody considering bankruptcy as a solution to their insolvency.