You cannot pick and choose what to include in your bankruptcy. But don’t be confused. While you need to fully disclose all your assets, all your creditors, and other information required under the bankruptcy laws, that does not necessarily mean you won’t be able to keep them. In most Chapter 7 cases, there is no excess equity in the filer’s home and car and so keeping the car is usually not a problem. Married couples enjoy an additional very valuable exemption. However there are exceptions . Obviously, the amount of your equity and whether all your equity is protected, needs to be determined on a case-by-case basis. Your bankruptcy lawyer knows which questions to ask you and can explain to you how the law applies in your case.
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