From what YOU owe to companies and third parties can be taken off your "assets". Basically, they can force you into "personal" liquidation and claim from what has been sold (Bankruptcy).(posted 7878 days ago)You will need to look at what liability you have first with the repossessed property. This is why people take limited liability with their private businesses.
The Lender is claiming off you and assets owned by you! Becareful what you disclose. If the property is co-owned with your wife, take a sneak peak at her "assets".