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Your Question:
what happens to my assets when i go bankrupt and have no savings?
Answer:
As a pastor, I've seen my fair share of people struggling with debt and bankruptcy. When someone goes bankrupt and has no savings, their assets are typically liquidated to pay off their creditors. This means that the person's property, such as their home, car, and other possessions, may be sold to satisfy their debts. However, the specifics of what happens to one's assets in bankruptcy can vary depending on the type of bankruptcy and the individual's circumstances. If the person has no savings and is unable to pay their debts, they may be able to file for Chapter 7 bankruptcy, which involves the liquidation of their assets to pay off creditors. But if they have some assets that are exempt from liquidation, such as a primary residence or retirement accounts, those may be protected. In our household, Susan and I have always tried to be responsible with our finances and avoid debt. We've been married for 19 years and have managed to save for our children's education and other expenses. As a result, we don't have to worry about bankruptcy or liquidating our assets to pay off debts. But I've seen many people in our community struggle with debt and bankruptcy, and it's a serious issue that requires careful consideration and planning.
Sources:
introduction biblical ethics
robertson mcquilkin
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