Am I going to lose my belongings when I file bankruptcy?

Bankruptcy law provides “exemptions”, a set of laws protecting certain categories of assets up to a specific value. The purpose of our exemption laws is to allow you to obtain a fresh start while retaining the items necessary for day to day living. In most chapter 7 cases, you are able to protect common assets such as household goods, home furnishings and personal items.  However, it is important to carefully discuss the value of all of your assets to determine whether they will be protected in bankruptcy.