How much property does the debtor have to give up in a bankruptcy proceeding?

Items that the debtor usually has to give up include:

• Expensive musical instruments, unless the debtor is a professional musician
• Collections of stamps, coins, and other valuable items
• Family heirlooms
• Cash, bank accounts, stocks, bonds, and other investments
• A second car or truck
• A second or vacation home

Certain types of property are exempt, however, which means that the debtor can keep them. Exempt property can include:

• Motor vehicles, up to a certain value
• Reasonably necessary clothing
• Reasonably necessary household goods and furnishings
• Household appliances
• Jewelry, up to a certain value
• Pensions
• A portion of the equity in the debtor's home
• Tools of the debtor's trade or profession, up to a certain value
• A portion of unpaid but earned wages
• Public benefits, including public assistance (welfare), Social Security, and unemployment compensation, accumulated in a bank account
• Damages awarded for personal injury