http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/if-i-file-for-chapter-7-can-i-keep-some-of-my.html In general, Chapter 7 bankruptcy gives up all of your non-exempt property.  Exempt property is property defined by state law which is not discharged from bankruptcy. State law varies greatly but usually includes property that is worth less than a specified amount. Your Assets and Bankruptcy FAQs Sun, 23 Mar 2008 18:32:34 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/will-i-lose-my-house-car-and-other-personal-p.html Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as furniture and clothing. In addition, other kinds of property are exempt up to a limit. These exemption limits mean that any equity that you have in the property above the limit is not exempt. The Bankruptcy Court can take the property and sell it, pay off any creditors, give to you the exemption amount, and keep the rest for other creditors. Your Assets and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/will-i-be-required-to-sell-my-assets-.html Yes. A lot of your property which is deemed a necessity will not be released, but filing bankruptcy (under Chapter 7) will often require you to give up certain types of property.  A second home or an extra vehicle will more than likely be required to be given up as well as cash, bank accounts, family heirlooms, collectibles, and other investments. Your Assets and Bankruptcy FAQs Fri, 14 Dec 2007 20:49:39 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/can-t-i-just-transfer-my-assets-to-a-friend-o.html These types of transfers may be considered fraudulent and your Chapter 7 trustee may be able recover the property within a year of filing.  Factors will be considered such as the timing of the transfer as well as whether it was a gift or given with disproportionate value in return.  The rules on fraudulent transfers apply to everyone and not just family members, but the amount of time allowed for the trustee to recover the property may be different depending on who the transfer is made.  In a transfer to a trust, the law may vary depending on which state you are in and on the type of trust. Your Assets and Bankruptcy FAQs Fri, 14 Dec 2007 21:04:31 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/what-are-exemptions.html 11 U.S.C. º 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. State law protects exempt assets from distribution to your creditors. Typically, exempt assets include vehicles up to a certain dollar amount, the equity in your home up to a certain amount, and tools of the trade. Exemptions are claimed on Schedule C. As with all schedules, it is important to fully complete and provide all the information requested. If no one objects to the exemptions you have listed within the time frame specified by the bankruptcy court, these assets will not be a part of your bankruptcy estate and will not be used to pay creditors through your bankruptcy case. Deciding which assets are exempt and how and if you can protect these assets from your creditors can be one of the more important and difficult aspects of your bankruptcy case. It is extremely important to consult an attorney if you have any questions regarding the issue of exempt assets. Your Assets and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Your-Assets-and-Bankruptcy/Federal/what-is-redemption.html Redemption allows an individual debtor (not a partnership or a corporation) to keep tangible, personal property intended primarily for personal, family, or household use. The debtor must pay the holder of a lien on the property the amount of the allowed secured claim on the property, which typically means the value of the property. Otherwise, in order to retain the property, the debtor would have to pay the entire amount of the secured creditor`s debt, do a reaffirmation agreement and become legally obligated on the debt again. The property redeemed must be claimed as exempt or abandoned. With redemption, a debtor can often get liens released on personal household possessions for much less than the underlying debt on those secured possessions. Unless the creditor consents to periodic payments, redemption must generally be made in one lump sum payment to the creditor. 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