Will I get to keep my property during my bankruptcy?

Successful debtor 1
successful debtor 2
Successful debtor 3
Successful debtor 4
Successful debtor 5
3,073 families filed bankruptcy using Upsolve.

Written by Jonathan Petts, Esq.  
Updated May 16, 2019

A nonprofit that helps you file bankruptcy for free.
  • We've helped over 2,000 families each clear on average $52,318 of debt.
  • Our users often file within 10 days of starting.
  • Our award winning nonprofit's help is 100% free.

When you file for Chapter 7 bankruptcy, the court lets you keep your property up until a certain amount. One of the biggest misconceptions of bankruptcy is that you will lose everything you own. That’s not true. Most debtors who own less than $10,000 in property are able to keep all of it. If you’re filing for Chapter 7 bankruptcy and you do not have a home, you should feel comfortable knowing that most people in your situation are able to keep all of their property. In virtually all cases, the bankruptcy court is not trying to seize your clothes, furniture, etc.

If you own more than $10,000 in property, there is a chance you can keep it, or you may have to give it up. How much property you can keep depends on your state and exactly what you own. There are special laws that different states have, allowing you to keep different types and amount of property. These laws are called exemptions. For example, in Florida, most homeowners are allowed to keep their entire homes, regardless of how much their homes are worth. This is not the case in other states like New York.

It gets a bit more complicated if you have over $10,000 in property. If this applies to you, we urge you to consult a lawyer or do some research on whether the exemption laws in your state will allow you to keep everything you own.

It's easy to get help

Choose one of the options below to get assistance with your bankruptcy:
Page 1Created with Sketch.

Free Bankruptcy Help

Take our bankruptcy screener to see if you're a fit for Upsolve's free service!

3,073 families filed with Upsolve ☆

Private Attorney

Get a free bankruptcy evaluation from a local law firm.

Questions about bankruptcy?

Research and understand your options with our articles and guides.

Go to Learning Center →

Questions about Upsolve?

Read Support Articles →
Legal Services Corporation
Robin Hood
The Upsolve Team
Harvard University
Fast Forward

Upsolve is a 501(c)(3) legal aid nonprofit that started in 2016. Our mission is to help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost. We do this by combining the power of technology with attorneys. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have mission-driven funders that include the U.S. government, former Google CEO Eric Schmidt, and private charities.

To learn more, read our reviews from past clients, or read our press coverage.


Considering Bankruptcy?

Are you interested in our free bankruptcy services, talking to someone about alternatives to bankruptcy, or a free consultation with a paid attorney?

Need bankruptcy help?