Q: What happens to assets obtained before being discharged from Bankruptcy?

A: The Trustee handling your Bankruptcy will still control your asset – this includes assets that were included when the Bankruptcy was filed and those that were obtained after the Bankruptcy began. Examples would include insurance or pension policies, a trust fund or a will.
The Trustee can deal with these assets at any time in the future and could be dealt with many years after your discharge.
It is important that if you tell the Official Receiver about any assets you have obtained before being discharged as they could be claimed to repay your creditors.

Q: What happens to assets obtained after being discharged from Bankruptcy?

A: If you obtain assets after being discharged from Bankruptcy, then you will normally be allowed to keep them.

Q: What happens if I become bankrupt again?

A: Bankruptcy deals with your debts at the date of the Bankruptcy Order. After that date, you should manage your finances more carefully. However, if you incur new debts, this could result in a further Bankruptcy Order even before you are discharged from the first, which may have more serious consequences such as prosecution if the debts were obtained without disclosing your Bankruptcy.