What happens if I go bankrupt?

let's say i have a $150k home (with a $70k loan balance) and a $15k car (with a $12k loan balance). I lose my job and cannot find any more with similar pay, so I settle for one that pays much less. Because of this, I'm unable to pay my mortgage and auto loans. I suppose going bankrupt would be my only option (if there are any other options, then please mention them).

What happens to all of my assets at that point, such as my home or car or even an investment property that I rent out?

What else is financially damaged?

Lastly, what should/could you do right after you go bankrupt?

Read more: What happens if I go bankrupt?