In bankruptcy, do you lose all of your possessions?

[Deja Q]

My time has come. I cannot explain the circumstances to just anybody right now, though you can PM me and ask if you care.

If they do take everything, I will be unable to study for my next career, and even then I show both signs of promise and failure.


Edit: Spelling. I seem to drop more characters when typing these days...

[Droopy]

1. Sorry to hear about that, HypnoToad

I can't really help you with any info, though. I wouldn't think that they could come into your apartment and take things like your computer.

[cornermouse]

2. Stress messes with your coordination.

I'm sorry. I don't know whether they'll let you keep anything or not.

[DS1]

3. I don't think so. Your credit is screwed for a long time

but I don't ~think~ they are allowed to take away things you need to exist. If they take your car and computer for example, how are you supposed to earn money to pay off the debts?

[terrya]

4. I PM'd you.

Don't worry about it. :-)

[graywarrior]

5. No. You can keep your car, house etc.

Keep one credit card so you can maintain good credit.

[eyepaddle]

6. No they don't

I talked to a lawyer once about this and you can protect you "household" and that means more than just your domecile.

I however am NOT a lawyer and you should talk with a bankruptcy attorney about this.

Good luck wiht whatever you have to do.

[Cooley Hurd]

7. I would contact a lawyer as soon as you can...

...the situation in regards to bankruptcy law is pretty fluid right now, and the sooner you act, the better.

I'm sorry to hear about your situation - I can empathize, having been in a similar position in the past. It sucks now, but you'll make it though.:thumbsup:

[Wcross]

8. Try this forum- free legal advice

I am sorry to hear of your situation, I hope you can get the answers you need from link.

http://forum.freeadvice.com/



I wish you well.

[gizmo1979]

9. They would only take things you have

as collateral that isn't essential to basic living.Hunting equipment jet ski.You can reaffirm with some lenders say your house. Anything basic they won't take.I went through this 11 years ago.You'll feel alot better after wards.

[skygazer]

10. Sorry to hear it

My SO went through a bankruptcy a few years ago. It was surprisingly painless. He did not lose any of his possessions - you are allowed to keep a certain dollar amount in possessions from what I understand but as others have advised, you need to talk to a bankruptcy attorney about the details. However, my SO kept his vehicle and did not have to liquidate any assets.

It's a tough decision to make and causes a lot of stress and discomfort. Don't feel badly - many of us have gone through it and the best thing to do is use it as a lesson for the future. People get overwhelmed by debt - that's just a fact. Good luck and don't feel too badly about this.

[mopinko]

11. they can only take valuables

but when my sister-in-law declared bankruptcy, twice, she hung on to all her many, many collectables. you have to declare what you have that is of value, and they can make you sell what they want to make you sell. she just didn't declare. not giving you advice, just saying that no one came out to see what she owned.
they cannot take anything that you need to work. the "tools of a trade" are exempt.

[KittyWampus]

12. Dear HT, I Hope Everything Works Out. Just Hang In There.

Do you have a friend in real time to talk to?