when you file chapter 7 bankruptcy does that mean...

[saxaphonist]

...they take all your assets? i need to file but i don't know which is best chapter 7 or 13. i have a good job but my finaces got out of control.

[Katasha]

With the changes in the bankruptcy laws, if you have a high level of credit card debt, and the courts rule that you can afford a payment of at least $100 a month, then you won't be allowed to file chapter 7 and will have to file chapter 13 and be put on a repayment plan. The plus side is a chapter 13 falls off your credit record sooner than a chapter 7.As for your assets, you're allowed a certain amount in exemptions. Like you're allowed to keep one car, your clothes, most household items, etc. Laws vary by state, though, so an attorney could best advise you about limitations where you live. I know in some states, you're not allowed to keep computers, game systems, excessive electronic equipment (like big screen TV's and stereo systems), sporting goods or recreational vehicles of any kind. The court can order those seized and sold to go toward paying your debts.