Fear overcomes so many people once they have been declared bankrupt. However, you do not need to remain in that situation or suffer in silence while there is a lot of expert advice on what can be done. With a little patience and a relaxed mind, you should be able to overcome it.
One of the greatest fears for many people facing insolvency is losing all their possessions, but as a good adviser will tell you, this is not always the case. It is true that your assets risk being liquidated to raise money to pay the creditors, but this does not imply that they will take away everything.
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The law allows you to exempt some of your property from bankruptcy. There is a given value for the amount of property that should be exempted and currently this figure stands at $25,000. This leaves you with the freedom to choose what you value so much and what you wouldn't like your creditors to take away form you.
You may also be faced with the question on whether the property that you jointly own with your spouse can be exempted. Well, if your spouse did not sign up with you for the loans that led you to bankruptcy, then yes, it is under normal circumstances exempted. If he or she co-signed with you, then it might not be exempted, not unless you have authorized so. However, this does not mean that your mortgage company cannot come after your property once you have filed for insolvency because mortgages are not discharged by filing for insolvency.
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