Items you must typically give up (nonexempt property) include:

• expensive musical instruments (unless you're a professional musician)
  
  
• stamp, coin, and other collections
  
  
• family heirlooms
  
  
• cash, bank accounts, stocks, bonds, and other investments
  
  
• a second car or truck, and
  
  
• a second or vacation home.

Is Bankruptcy More Than You Need?

You may be considering bankruptcy just to stop harassment by your creditors. However, in most cases, you can stop creditors from making telephone calls to your home or work by simply telling them to stop. For more information, see What to Do If a Bill Collector Crosses the Line.

What to Do

If you determine that you are judgment proof, that you'll be stuck with significant debt following bankruptcy, or that you may have to give up too much property, Chapter 7 bankruptcy may not make sense for you. For a discussion of other options, including the possibility of doing nothing, see Alternatives to Bankruptcy.