If I declare bankruptcy, will I lose everything I own?
No, you will not lose everything you own if you file for bankruptcy.
The legislation provides that you are entitled to keep the certain basics of life such as your clothing and personal effects, the tools of your trade, an automobile up to a certain value. If you do have any assets of value such as equity in a home or investments, these may become the property of the Trustee to sell for the benefit of your creditors.
How The Bankruptcy Process Works: An Overview
I’d like to thank you for your support and for helping me get through this situation. I hope my life will be better now and less stressful! I wish you all the best.
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