In a Chapter 7 bankruptcy you are able to eliminate the majority of your debts. However, you have to liquidate (Sell) a certain amount of personal property to pay off your creditors. With that property that you sell your creditors will then be compensated. However, the compensation that the creditors receive is likely minimal.
At first glance, it seems scary that, when filling for a Chapter 7, you may have to sell all your personal assets to satisfy your debts. You should not worry though because filing a Chapter 7, as a consumer, will not leave you destitute as federal bankruptcy laws allow you to keep certain items. These items you keep are known as bankruptcy exemptions. These bankruptcy exemptions vary from state to state. For example, when filing a Las Vegas bankruptcy you are allowed to keep your car, (Up to a $15,000 value), a single fire-arm, your home (up to $500,000) and a certain amount of clothes and furniture. Also, in Nevada, the bankruptcy exemptions allow a consumer to keep a personal and/or professional library. Please note, that you can only keep your house if you are up-to-date on your payments.
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As stated above, there are limited to these exemptions. But, the majority of consumers will not have any problems staying within these limits. So, if you are the average consumer who does not have exotic and/or expensive assets it is likely that you will not have to sell off any of your personal property if you file a chapter 7 bankruptcy. Therefore, do not worry that if you declare bankruptcy you will be destitute and have sleep on the floor and buy new clothes at good will.
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