If you file a case of Chapter 7, you will be able to keep all your property which is deemed `exempt’ by law and the creditors will not have claim to it. Texas exemptions will offer an exemption list that is available for the State of Texas. You have to keep certain things in mind when you want to establish whether a property can be exempted or not. The value of your property will be assessed not by the price that you had paid for it initially but on its current value. In the case of cars and furniture, the current value will be much less than what you had paid for, originally or the amount it would cost to buy replacements. You will also have to note the actual equity value in your property. It means that you will have to evaluate the exemptions against full value less any amount that you have to pay on the liens or the mortgages. For example, when your property is worth $100,000 and you have a $70,000 mortgage, you will have to evaluate your exemptions against $30,000 which will be the actual equity value if you want to sell your property. Even if you are allowed to keep your property in the case of Chapter 7 filing, the exemptions will not make much difference to the rights of mortgage holders or the car loan creditors of seizing your property or your car to cover your debts if you have fallen way behind on your payments. In the case of a Chapter 13 filing, you can retain all your property if your plan of scheduled payments meets the bankruptcy law requirements. In a majority of cases, you will end up paying liens or mortgages much in the same way as you would if you had not filed for bankruptcy (see Texas Chapter 7 Bankruptcy or Texas Chapter 13 Bankruptcy? and Texas Non-Dischargeable Debts).