If I file bankruptcy will I lose all my property?

The bankruptcy code allows individuals to exempt (or protect) certain amounts of various types of assets. Because of recent amendments to the laws regarding exemption allowances, (for which I provided testimony on Beacon Hill on behalf of the Boston Bar Association urging greater protection), Massachusetts has some of the greatest protections of personal property in the Nation.  Most people who file for bankruptcy protection do not lose any property at all. Those with substantial property can usually keep their property if they agree to repayment plan of some or all of their debt.