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If you file under Chapter 7, you may have to give up some property. What property you keep depends, in large part, on whether the property is protected by an exemption. Because understanding exemptions is so crucial to your property disposition in Chapter 7 bankruptcy, be sure to check out our section on Bankruptcy Exemptions. You'll find articles explaining how exemptions work, which exemption system to use, and links to each state's set of bankruptcy exemptions.
What happens to your property in Chapter 7 also depends on whether the property secures a debt or not. If the property secures a debt, you'll have several options for dealing with the debt. Depending on what you do, you can either keep or give up the property.