Chapter 7 bankruptcy: How much property do I really get to keep?

I am a bankruptcy attorney in Arizona ($995/Chapter 7) and one thing clients are always very concerned about is how much property they are permitted to keep when they file Chapter 7 bankruptcy. The truth is, the bankruptcy exemptions are fairly generous, especially here in Arizona. The vast majority of my clients are able to keep their home, home furnishings, their cars, and all of their personal property. Even some things they think they may not be able to keep end up being safe. If you are making payments on something, and have very little equity in it, you can probably keep it through the bankruptcy as long as you agree to continue making payments. Extra vehicles/toys like jetskis, trailers and boats are not protected by bankruptcy statutes in Arizona. But if you owe more money than they're worth, there's a very good chance you can keep them. That is why it is best to consult with an attorney before filing for bankruptcy. I have seen too many people try to file on their own or with non-lawyer assistance and end up in big trouble, they end up losing assets because they did not know how to properly address different types of property when going through the bankruptcy process.