Can I file bankruptcy for my debts, but not include my assets? No. Filing for Chapter 7 bankruptcy does cancel most of your debts but, in exchange, you have to liquidate some or most of your property to pay your creditors. In a Chapter 13 or Chapter 12 debt adjustment, you're discharged shortly after you make your last payment, according to your repayment plan. In a Chapter 11 reorganization, the debtor is discharged at the time the reorganization plan is confirmed by the court. When you file for bankruptcy, you must reveal to the court all your property, your current income and its sources, your current monthly living expenses, and property the law allows you to keep­­ also known as "exempt property." You also must disclose property you owned and money you spent during the previous year, and property you sold or gave away during the past two years. You're encouraged to err on the side of giving too much information, rather than too little, to ensure that your case is approved. If you fail to disclose assets, or if it can be shown that you disposed of assets just before you filed, your case could be dismissed. Also, if you lie on your bankruptcy forms, you could be prosecuted for perjury.