When someone is declared bankrupt a trustee in bankruptcy will be appointed to collect in their assets and distribute them between the creditors in the relevant order of priority. We have extensive experience in advising debtors and family members on all aspects of this.
Typically the assets claimed by the trustee will consist of some or all of the following:
- The home or other properties (owned by the bankrupt)
- Bank accounts, investments and other assets
- Undoing gifts and preferences
- Windfalls recieved during bankruptcy
- Excess income