what will happen if me and my husband go bankrupt? im worried that we will lose everything like my car, furniture everything i own, i have alot of debts at the moment and we are having a baby in a few months, we are really struggling as we are both not working, going bankrupt, seems like the only option left, what should i do?
my partner has tried getting work but the town we live in is going through drought at the moment and its all country out here so there isnt much work going. we will move if he doesnt have work before the bub is due, and i cant work due to complications being pregnant
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.
But you also have to hand over your possessions and properties to the trustee. They are sold off and the money is used in clearing your debts. But what you can do is to keep a part of your home, cars or some of your property. But most of your debts are cleared off.
http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html
