In a Chapter 7 case, you can keep all property that which the law says is ‘exempt’ from the claims of creditors. In general, you can keep retirement accounts, some equity in your home and car, and household goods, furniture and appliances. Your attorney can give you detailed advice as to the exemption statutes in Georgia, and advise you on protecting your assets.
While your exemptions allow you to keep property even in a Chapter 7 case, your exemptions do not make any difference to the right of a mortgage holder or car loan creditor to take the property to cover the debt if you are behind. In a Chapter 13 case, you can keep all of your property if your plan meets the requirements of the bankruptcy law. In most cases, you will have to pay the mortgage or liens as you would if you didn’t file bankruptcy.