A very little understood part of seeking bankruptcy protection is the ability to protect certain assets from being seized and sold to appease creditors. You are fully able to keep such things necessary to continue living and earning an income.
This includes being able to keep an automobile (as long as it is a modest vehicle, you would most likely have to relinquish the Ferrari and be able to keep the Sonata!) and personal belongings and even tools and items required to help you earn that living. For the most part all other assets would be considered fair game. If you have a sentimental item of considerable value that you would like to protect you may well be forced to relinquish that item if there were no wildcard exemption in place in your state. Basically what the wildcard exemption allows you to do is to pick an item or items that would normally be open to seizure and sale and protect them through this exemption.
The amount of the wildcard exemption differs from state to state, so you’ll need to seek out the advice of a qualified bankruptcy attorney or trustee to find out exactly what the amount will be in your area and for other pertinent advice required before filing for bankruptcy.
The process of seeking bankruptcy protection can be very confusing and scary, but by having all the information available you will be able to make a much more informed decision and will have peace of mind knowing that you are going in with your eyes wide open and fully informed.