Understanding Chapter 7 bankruptcy exemptions is crucial for anyone considering bankruptcy.  A chapter 7 bankruptcy is based on a simple agreement with the bankruptcy court: surrender your property and you will receive a complete discharge forever for most debts, including credit card debt, mortgage debt, car loans, personal loans, medical bills and most other forms of  debt.   People considering bankruptcy ask, does this mean all my property? Will I be destitute, homeless and without any possessions?  The answer is absolutely not!   Even in bankruptcy, individuals and families are entitled to keep a certain amount of property.  This is known as exempt property, and Chapter 7 bankruptcy exemptions define what you get to keep.  What a person filing chapter 7 bankruptcy gets to keep is defined by the law of exemptions, which is different  in every state.        Continue Reading