In Chapter 7 bankruptcy, your nonexempt property may be sold by an appointed trustee, who then makes partial payments to your creditors.

You have the right to retain at least a partial interest in certain assets, such as your residence, car, clothing, household appliances and furnishings, life insurance, pensions and tools of your trade. In most cases, you may not have to give up any of your personal property.

You may usually choose either the exemptions provided for in the Bankruptcy Code or those allowed under your state law, whichever is most beneficial. Creditors do retain the right to any collateral you have pledged to secure a loan.

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