Your property

Your house, car, retirement, property you own with someone else, and how exemptions protect them.

What are exemptions? Why most people keep everythingExemptions are the lists of property the law puts off-limits to creditors and the bankruptcy trustee: home equity up to an amount, a vehicle, household goods, retirement accounts, and more. They're why the great majority of Chapter 7 cases are 'no-asset' cases where the filer keeps everything they own. Which list applies depends on your state, and that single fact changes more outcomes than almost anything else.
Homestead and vehicle exemptions by stateThe two exemptions people ask about first, home equity and vehicle, for all fifty states and D.C., verified against current sources in September 2026. Use this as a first-look map, not a final answer: several states adjust these amounts every year, some let you choose the federal list instead, and the number that matters is your equity, not your home's value. Your state's line here is also what the BK Checkup uses for its first read.
Will I lose my house if I file bankruptcy?Probably not. Most people who file bankruptcy keep their home. The two things that decide it are how much equity you have compared with your state's homestead exemption, and whether you can keep making the mortgage payment.
Can I keep my car if I file bankruptcy?Usually, yes. If you own the car outright, exemptions protect a certain amount of its value. If you are still paying on it, you can keep it by continuing the loan, paying it off at its current value, or restructuring it in Chapter 13.
What happens to my 401(k), IRA, or pension in bankruptcy?Almost always: nothing. Employer plans like 401(k)s and pensions aren't even part of the bankruptcy estate, and IRAs are exempt up to a cap well over a million dollars (rollovers from employer plans don't count against it). Retirement money is the best-protected asset class in the entire system, which is exactly why cashing it out to pay dischargeable debt is the most expensive mistake in consumer finance.
What happens to property I own with someone else?Only your share enters your bankruptcy: co-owning with a non-filer doesn't drag their half in. Usually your share is covered by exemptions and nothing happens. The uncomfortable exception: if your share has real non-exempt value, a Chapter 7 trustee can in some circumstances sell the whole asset and pay the co-owner their portion, which is rare, disruptive, and exactly the situation Chapter 13 exists to prevent. Names on titles matter more than family understandings, so inventory them before filing.

Your property

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