[manquer]

Would this cover assets not directly owned by him, or assets owned abroad etc ? some loophole which would allow him to retain some chunk of his wealth?

While it likely that it is negotiation tactic, it has to believable one for creditors to think he may actually follow through, otherwise there is no point.

[marvin]

I am aware of no such loopholes. Foreign assets can of course be hidden from the authorities, but they will be confiscated if discovered. Any shares in companies or properties will be confiscated and liquidated, as will any payouts from life insurance policies and such. (Unless I'm very mistaken, all income counts).

As will any primary residence if it has a higher standard or price than the sustenance minimum, any vehicles not required to perform work, any household items beyond a minimum of ~$10k or so in value. It's quite harsh.

If married, the spouse can keep 50% of any assets that were jointly owned.