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    joshua1215's Avatar
    joshua1215 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 5, 2008, 07:02 PM
    If there's a recession or depression ?
    If the world developes a recession or depression , what would happen to the belongings people owe money on?
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Feb 5, 2008, 07:03 PM
    If the people lose their jobs, they won't have the money to pay the bill.
    CaptainRich's Avatar
    CaptainRich Posts: 4,492, Reputation: 537
    Cars & Trucks Expert
    		  
    #3

    Feb 5, 2008, 07:03 PM
    Welcome to the Desk...
    You should move your question to the appropriate forum to get some other responses.
    You are currently posting a question in introductions...
    oneguyinohio's Avatar
    oneguyinohio Posts: 1,302, Reputation: 196
    Ultra Member
    		  
    #4

    Feb 5, 2008, 07:13 PM
    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.
    biggsie's Avatar
    biggsie Posts: 1,267, Reputation: 125
    Ultra Member
    		  
    #5

    Feb 5, 2008, 07:15 PM
    Welcome To You

    Meet a lot of great people -- learn more than you ever thought possible

    "People will forget what you said, people will forget what you did,
    but people will never forget how you made them feel."
    --Mayo Angelou
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #6

    Feb 5, 2008, 07:44 PM
    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.
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