If the world developes a recession or depression , what would happen to the belongings people owe money on?

If the people lose their jobs, they won't have the money to pay the bill.

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You should move your question to the appropriate forum to get some other responses.
You are currently posting a question in introductions...

If the person owes money and can't pay, the bank would take it back and resell it for what they could get out of it. This happened to my great grand parents during the depression in the early 1930's and the lost a large farm.

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I have moved your post from the introduction area. You can go back and introduce yourself latter.

Banks take it back, foreclose on houses, repo cars and so on.