Keep your exempt property when filing chapter 7 bankruptcy. Use this list of state and federal exemptions to see what assets you can keep after filing your own bankruptcy.

The Chapter 7 Bankruptcy Code allows you to keep property or assets such as a car, home, land and other assets by claiming them as "exempt" under Federal and State bankruptcy exemption laws.

State Exemptions:
(Clicking a State link opens a pdf document in a separate window).

General Bankruptcy Exemption Information

You can legally keep property that you claim as exempt (or that you buy back from the Trustee).

All property, whether real or personal, becomes owned by the "bankruptcy estate" as soon as you file your bankruptcy petition in court. However, the Trustee generally does not take actual (physical) possession of your property until after the "Property Exemption Report" is filed with the Court. (filed by the Trustee not you)

Although you fill out and file a "Schedule C - Property Claimed as Exempt" form, your property is not exempt until the Trustee files the "Property Exemption Report" which actually classifies your property as "exempt" or "non-exempt".

NOTE: Should the Trustee erroneously list certain property as "non-exempt" when it should have been listed as "exempt", you must make an immediate objection, in writing, since the Report becomes final after 15 days.