If I File Bankruptcy, Can I Keep Some Of My Property? Answer: Yes. Probably All Of Your Property, As Will Be Exempt!
When you file a bankruptcy case, you create what is referred to as your bankruptcy “estate”. The estate consists of two parts: One part is property (your belongings such cars, household goods, furniture, clothes; literally everything you own) that you claim as exempt under bankruptcy law. This means you are allowed to keep these items of property, as they are exempted from, or not part of, the estate. The other part of the estate consists of non-exempt property, which is property that must be turned over to the bankruptcy trustee