Once you file bankruptcyi, all of your property at the time of the filing and certain other property to be received in the future, becomes the property of the bankruptcy estatei. This means that the bankruptcy trusteei will take control of this property for purposes of satisfying your creditors. However, there is certain property which is either excluded or exempt and the debtor will be able to keep it. Property or asseti exemption are determined based upon your situation, income and the laws of your state. The best way to determine which property to keep requires a detailed analysis of your situation.

As for real propertyi in many states, dependent upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equityi. For more information on this, see Bankruptcy and my House / Car. As for personal propertyi, you are permitted exemptions for a variety of personal property depending on your state of residence. Some items that could be exempt includes automobiles, household furnishings, personal effects, jewelry, tools of the trade, retirement plans, life insurancei that have not matured, personal injury awards, earnings, animals, and some other miscellaneous property. State laws and circumstances vary so be sure to discuss this with your attorney.