hide the assets then file.
In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except. The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.
Bankruptcy is of an individual or a corporation, or entity that includes all the assets and liabilities. Mortgage is part of all the liabilities against the filer. What can be removed and what can stay depends upon the kind of bankruptcy it is- ch 7, ch 11, or ch 13. Best bet contact a good bankruptcy Attorney.
Usually they cannot take your home or one automobile. See if you can get some help from a non-profit credit assistance group so you don't have to declare bankruptcy. Check with the court house or through local churches for information or an attorney. Your assets in bankruptcy is depedant on which country you reside in. Most commonly your home will be sold to meet creditor debts and you will lose control of your finances.
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
When you complete your bankruptcy schedules you are swearing, under oath, that everything in them is true and accurate. The Trustee does have the ability to hire an appraiser to value your assets. If the Trustee suspsects you're hiding assets, they can hire investigators to verify, but most of the time this does not happen. Hiding assets is bankruptcy fraud and could land you in jail and fined if you're caught at it.
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