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If you file for Chapter 7 bankruptcy, you may have to give up some property. The reality is, however, the most Chapter 7 bankruptcy filers keep all or most of their 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.
Even if property is safe from the bankruptcy trustee, if it secures a debt (like your car loan), you'll have to decide what to do with the property in your bankruptcy. Below, you'll find details on your options.
And be sure to check out our articles on specific types of property, like cars, homes, retirement funds, personal items, and more.