Personal Bankruptcy Lose home, truck, car, boat

[littleclean]

My husband and I are thinking of filing bankruptcy soon. We have 2 loans. 1 is a small loan that we have our 4x4 truck on as collateral. (we do not owe on the truck) The other loan is on our home. If we file, will we lose everything including the items we do not owe anything on?

 

[army judge]

My husband and I are thinking of filing bankruptcy soon. We have 2 loans. 1 is a small loan that we have our 4x4 truck on as collateral. (we do not owe on the truck) The other loan is on our home. If we file, will we lose everything including the items we do not owe anything on?

No, bankruptcy will eliminate all of your unsecured debt. It will allow you to reaffirm your mortgage and your truck, if you wish. You won't lose anything, if you do it correctly.