Whether you can keep assets in a Chapter 7 case depends on their value, the amount of liens against them, and the exemptions you have available under applicable law.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
For more information, you need to have a consultation with a bankruptcy attorney in your area.
Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter: @bklawr
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