Do I lose everything when I file bankruptcy?

Generally not.  There are Federal and State exemptions that protect assets.  Depending on your situation you could lose things. However, if you have assets more than your allowed exemptions chapter 7 debtors can generally work out a buy back.  A buy back Is negotiated by the debtor to purchase back the unencumbered non-exempt equity in their assets.  Generally done over 10 – 12 months. Every case is different and can’t be compare to others.

The general exceptions for a person who doesn’t declare a homestead are: $5,000.00 per person filing for any personal property; $1,000.00 per person filing for one vehicle only; 100% for qualified retirement accounts; plus others.

The general exceptions for a person who does declare a homestead are: $1,000.00 per person filing for any personal property; $1,000.00 per person filing for one vehicle only; 100% for qualified retirement accounts; plus others.