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I have a lot of credit card debt in addition to the debt mentioned below.
My assets are very few but I do have some breeding animals which I
had to use as collateral in a large debt owed some years ago. The sale
of any of these animals or their offspring must go to paying off this
large debt in addition to regular payments which must be made
regardless, as per the agreement.
My question is, if I declare bankruptcy, do I lose the animals? Can I
choose to keep paying off this debt and then regain rights to the animals
when it is paid or will they be sold to pay on my other debts? I used
these animals to help earn income for my family so they do serve as a
type of business for me. As per the re-payment agreement, it will still
be more than two years before the debt would be settled.
Thank-you in advance for your response.
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