When you become bankrupt, a Trustee in Bankruptcy is appointed to determine which of your assets are eligible to be sold in order to repay some of what you owe to creditors. Trustees in Bankruptcy are either a civil servant (an Official Receiver) or a Licensed Insolvency Practitioner. They will group your assets into various categories. Assets you are allowed to keep include most household contents (with the exception of valuable antiques), a modest vehicle and your tools of trade. You can also keep your pension fund, so long as it’s a fund approved by HM Revenue & Customs, although your Trustee may seek to recover for the benefit of your creditors any excessive contributions. Assets that can be sold include your personal property and any investments you have, like endowment policies. Should you receive a windfall, such as a legacy, this money will also go to you creditors. The Trustee is also able to apply to court for something called an income payment order if you are seen to have surplus income available.