Most of my clients get to keep everything they own when they file for bankruptcy. This includes cars, houses, retirement savings, and even cash. The property which a debtor keeps is called exempt property. In Minnesota a debtor can choose from two lists of exempt property to choose from: a Federal list, and a Minnesota list. Your attorney will help you choose which one will help you keep as much of your property as possible.
Generally you can keep your car, your house (up to a certain value), your clothes, furniture, and household goods, and your retirement savings or pensions. If you choose the federal exemption list, you can even protect cash and savings accounts.
The exemption lists are difficult to understand and apply to your property. A good attorney will help you navigate them and make sure that when you file your case all of your property is protected. This is one of the many advantages of hiring an experienced attorney to file your bankruptcy. He will be able to tell you immediately what property is protected and make a plan for any unprotected property you might have.