If you file a personal (individual) chapter 7 bankruptcy case, will you lose all your assets?
The answer is no, you won't. Congress has established, in the U.S. Bankruptcy Code, allowances (or more accurately, exemptions) that a bankrupt person is allowed to keep, even though they file bankruptcy.
The (federal) exemptions are broken down into categories, such as household goods, automobile, jewelry, retirement savings, equity in your residence, tools of your trade, and others. Each one has a maximum limit. In some states, the federal exemptions are not available, and only the exempt property under that state's, and other non-bankruptcy laws will apply.
Consult with an attorney for specific advise.
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