I have been running a consulting business for 3 years and in this year business business has dropped…

I have been running a consulting business for 3 years and in this year business business has dropped down to where I am not earning any income. I have decided to go back on the job market. However my finances are not in a good state. I have contact the banks to refinance my car balloon payment and pay a lower amount on my bond. I have explained the situation and requested minimum payments over the next 6 months just so that I can get back on my feet. The bank has declined assistance as I am not earning an income. 

They have stated the matter be referred to legal. I am in quite a state at the moment and just wanted to find out if they could just take away my car and home even though I have made the offer to pay something over the next 6 months.

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