When you file bankruptcy under Chapter 7 you are allowed to keep all of your “exempt” assets. In most cases, this includes everything you own. Exempt assets are those assets that the law specifically allows you to keep when you file bankruptcy. This differs from state to state, but usually includes your primary residence, motor vehicle (including a motorcycle), household goods and furnishings, clothing, jewelry, life insurance policies, retirement accounts and pensions, bank accounts, social security benefits, disability benefits, spousal or child support, etc. If you owe money on your home or motor vehicle and want to keep these assets you must reaffirm these debts and keep making your regular payments or, alternatively, you must pay the creditor the fair market value of the property.