One of most frequently asked questions I get asked is whether the debtor will lose all their property if they file for bankruptcy. It makes sense that so many people are confused as to how bankruptcy affects their property. After all, there are numerous sites on the internet that are written by the ill-informed or worse by creditors who intentionally post inaccurate information to discourage struggling debtors from filing bankruptcy. It is possible that the debtor will be required to surrender some property. In my experience, however, most people who file for bankruptcy are NOT required to surrender ANY property. Those who are required to surrender some property generally are only required to surrender a very portion of their property.
Whether the surrender of any property is necessary depends