The truth is that most of the time nobody loses any property when they file a bankruptcy. The myth that you lose property when you file a bankruptcy is simply that, a myth.
On the other hand, sometimes it does make sense to let an asset go back to the bank voluntarily in a bankruptcy. For example, if you have a car that is worth far less than what is owed on yet, then you might be better off letting the bank take the car and getting out from under the debt. In most cases, you will make the choice as to whether or not you want to keep the assets and pay for it or let it go. All of your household goods and furnishings are generally protected by Ohio exemption laws that provide protection for up to about $10,000 for household goods and furnishings.