I do not want to file bankruptcy but I feel it is my only option. My wife was in serious car accident a year ago and subsequently lost much time from work. I have missed so many bill payments that I have not able to catch up even though I have been working two jobs. In considering bankruptcy, my biggest fear has been that I know I will lose both my vehicles as neither one has been fully paid for. However, if I do file bankruptcy will my wife''s leased car also be included? I can lose my jeep but we need at least one car to get to work. What is really involved in a bankruptcy case? What assets can they actually take from me?

Bankruptcy law is very complex, and there are many factors in determining what can and will be liquidated in a case.  Additionally, Tennessee has certain property exemptions available to a bankruptcy petitioner.  The answer to your questions depends on numerous issues such as which chapter of bankruptcy you choose to file under, and the value off any and all assets you have.  You should speak with a local bankruptcy attorney to determine if bankruptcy is an appropriate action in your situation, and what potential assets maybe liquidated to pay creditors. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.