When you are declared bankrupt, you commit to using a certain portion of your assets to contribute towards repayments of the debts that caused you to go bankrupt in the first place.
Exactly which assets can be taken and sold to raise the money can vary but will typically include:
• your beneficial interest in your property (that is, the portion of the property that you actually own, whether than be your share in a jointly owned property or the equity in a mortgaged property),
• certain possessions of sufficient value (e.g. cars), and
• lump sums of cash from pensions, bonds, shares, bonuses, etc. This includes any assets you acquire while bankrupt, such as lottery winnings or inheritance.
You will be allowed to keep basic possessions necessary for living, such as furniture and bedding, and anything you use for work, such as tools or your vehicle.
Responsibility for the sale of the assets in question will fall on the trustee handling your case, and they are permitted to do so without your consent if they deem it necessary.
Note that you will often be required to pay a portion of your regular wage to your creditors, sometimes for up to three years after the bankruptcy order has been declared, so for two years after you have been discharged.