What Property Can I Expect to Keep in a Bankruptcy? Too often people believe that filing for Chapter 7 means giving up all of their personal property. However, under federal and South Carolina state laws, many possessions, such as your primary house, your car and other personal belongings, are exempt up to a certain dollar amount. Most people keep the majority of, if not all, their assets when filing for bankruptcy. In most cases, 401k funds and qualified retirement accounts are fully exempt assets and you are able to keep all the monies in these accounts. As a Charleston South Carolina bankruptcy attorney with a vast amount of experience handling bankruptcy cases I can help you determine which property you can expect to keep. Most debtors choose to keep their car, and continue to make their car payments. That is fine, and I can help you do that by talking with your finance company and filing a reaffirmation agreement on your vehicle. Do not transfer assets out of your name to protect them from repossession. The South Carolina courts consider this fraudulent activity and you can be held criminally accountable for it. Even if you made a mistake and already transferred assets, as your bankruptcy attorney I can negotiate with the courts to resolve the situation so you can still obtain the debt relief you need.