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Chapter 7 bankruptcy is called the liquidation bankruptcy for a reason -- you get to discharge most or all of your debts, and in return you give up property to repay your unsecured creditors. The reality, however, is that most Chapter 7 debtors give up little or no property. This is because state and federal law protects some of your property with "exemptions."
Below you'll find articles on what happens to your property in Chapter 7 bankruptcy, along with articles on exemptions -- how they work and what they are in your state.