NO! The vast majority of my clients keep one hundred percent of their assets. The property a debtor keeps after bankruptcy is called “exempt” property. Anything that is not “exempt” is considered “non-exempt” property.
In bankruptcy, the debtor is allowed to keep a certain amount of value of “exempt” property. It it is not about keeping one car or one house, it’s all about value.
For example, the most equity in a house a family may protect (assuming under the age of 65 or not disabled) is $100,000.
For a summary of exempt assets, click on this link to see NOLO.com’s summary of exempt versus non-exempt property.
Contact our office for a free consultation to discuss your exempt versus non-exempt property issues.