What happens to my assets?

Sequestration | Guide

If you’re sequestrated, your Trustee, the person who's actually administering your sequestration, will have control over your assets, which will include your home if you’re a homeowner.

If you have any assets, these may also be sold to pay off some of your debts. Assets are things such as savings, vehicles, property, shares, jewellery and life assurance policies (which you may be asked to cash in, if that's an option). The Trustee may decide you need to sell all or some of those assets, so the money can go to your lenders, and towards the costs of your sequestration. Certain items, such as household goods or tools for work, are excluded, as long as their use is essential.

Being a homeowner doesn’t necessarily mean that you will have to move out of your property. You may be able to reach an agreement with the Trustee to avoid your home being sold to help to pay off your debts. Or it may be that another solution is more suitable – speak to an advisor who will be able to give you more information.

Your estate could be managed by either the Accountant in Bankruptcy (AiB) or a private Insolvency Practitioner. You may also have to make regular payments, but only if you can afford to, for up to four years, and these payments will take into consideration your essential living costs, to ensure you can pay for things like your rent, mortgage, food costs, travel costs and utility bills.

Next: What happens after sequestration?

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