Michael.1
Insolvency and related law and policy, and more

Michael Murray is an Australian author and commentator on corporate and personal insolvency law and related issues, in Australia and internationally. He has a strong law and policy background, is independent of any connections, and his views are his own. He gives no legal advice. 

A bankrupt’s list of ‘personal’ assets

The law requires those people in bankruptcy to record their assets and liabilities in a ‘statement of affairs’. It is an important document because the trustee needs to know what assets are available that can be sold to try to pay back creditors.  

Most ‘personal’ assets are protected, and for many people that is all they have to disclose, usually listed as ‘personal and household items’.

In my records, I have kept a copy of a person’s more detailed list of his personal assets, ‘and no more’.

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