A Chapter 7 Bankruptcy wipes out all a person's eligible debts. In most cases, the debtor has no assets that he or she would lose in bankruptcy. Usually, most of your possession, such as furniture, a non-luxury car, clothing, tools of trade, wedding band, and even some cash may be exempt. You must disclose to your attorney all your assets and liabilities as your attorney can only protect those assets disclosed and can only discharge the debts he knows about. You have concern about a specific asset, ask a Wolf & Associates attorney whether the asset would be exempt in a Chapter 7 filing. Chapter 7 bankruptcy gives a person a relatively quick "fresh start".A Chapter 13 Bankruptcy is for people who want to pay off part of their debts over a period of three to five years.