If you don't pay your bills and don't file bankruptcy, there are 3 possibilities for every creditor: 1- they sue you and get a judgment good for 10 or 20 years. or
2- they forgive the debt, creating income for you and send you a 1099; you will owe income taxes on the forgiven amount; or
3- they do nothing for the statute of limitations period and then cannot collect.
Do not be fooled by a creditor telling you it has "written off" the debt. That is to allow them to claim a loss against income and has nothing to do with collecting the debt.
Then you'll have filed for bankruptcy with no assets.
Helpful hint: if, when phrasing your question, you notice that it starts "What if", it's almost always an indication that you should put more thought into asking precisely what it is you want to know instead of forcing us to guess what you mean.
Then your creditors will pursue all ways of getting repayment...attach propety, garnish wages, get judgements, etc.
Yes.
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
hide the assets then file.
This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.
Probably not
If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
WorldCom filed for bankruptcy in 2002. At the time, it was the largest bankruptcy ever, with $107 billion in assets. This almost twice as much as that of Enron Corp.
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
Don't do that. It's called fraud.
When you file bankruptcy, you must include ALL assets that you own. You can't pick and choose. This is considered fraud upon the court. So, absolutely not.
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.