Question by mr.t’smom: What happens if you are filing bankruptcy and do not have any assets worth anything?
We are surrendering our home which is probably worth the most. We need our vehicles, and one is old and only worth about 500 dollars maybe, and our newer car is upside down on the loan. Other than that we have cheap furniture, and most of my clothing is very used.
Best answer:
Answer by emce
The bankruptcy is a legal procedure,filed, when the liabilities are more than the assets.
The court will assess the value of the assets and it will be liquidated towards the liabilities in proportion to the claimants dues.
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