Question

Which assets are exempt from being seized during bankruptcy?

Answer 1

If you don't fully own the house and can't afford to keep paying the mortgage payments then yes, your house can be taken away. Banks have a nasty habit of evicting mortgage defaulters. If you declare bankruptcy you won't be able to get a housing loan for several years - and may have more difficulty even after you get out of bankruptcy.

Answer 2

Your dignity.....actually they take that too!

Answer 3

if u're paying it off, that means it's not yours ergo - no one can't take it from u, or if you pay off mortgage - sure they can, consult a lawyer, if u cannot afford it, read ur local law on bankruptcy.