Assets

Items such as automobiles, furniture, money or any other liquid asset may be seized during a Chapter 7 bankruptcy. Find a qualified attorney and schedule a consultation. They will be able to assess your individual situation and ascertain what you can and cannot keep.

Property

Depending on the state you live in, your home may be utilized to pay off creditors if you are behind on the payments. If you own investment properties or multiple homes, it is almost guaranteed that they will be sold to help pay off your debt. It is important to understand the rules in your state regarding the seizure of your primary residence.

Personal Items

Items like electronics, furniture and clothing are not likely to be taken during a Chapter 7 bankruptcy, but discuss that with an attorney. Items like paintings, sculptures, collectibles, vintage cars and other valuables may be sold to pay off creditors.

Future Income

Some states allow future income, such as inheritance money, lawsuit claims or any other large sum of cash, to be used to pay off debt. Find out what the statute of limitations and/or if this is possible in your state of residence from a bankruptcy lawyer.

Taxes

Sometimes tax refunds are seized by the courts. Your attorney will be interested in knowing what kind of money you will receive if you expect a refund in the future.

Source:

What is Chapter 7 Bankruptcy?

Liquidation Under the Bankruptcy Code