When you file Chapter 7 bankruptcy, you have to turn over some of your property, which is then sold to help pay off your debts. Property that is generally exempt includes reasonably necessary clothing, household goods, furnishings, and appliances; motor vehicles, jewelry, and tools that the debtor uses for work, up to certain values; pensions; some home equity; damages that were awarded for
. personal injuries, and some as-yet-unpaid wages and public benefits. Usually, you will have to give up second homes and vehicles, family heirlooms, valuable collections, and cash and investments. You can learn more at http://bankruptcy.findlaw.com/bankruptcy/bankruptcy-chapter-7/exempt-vs-nonexempt-property.html. If you file a Chapter 13 bankruptcy, where you create a payment plan for at least some of your debts, you have to pay 100% on any secured debts in order to be able to keep the property, but there's no specific property that you are allowed to keep or are required to give up.
