Chapter 7 bankruptcy is also known as a liquidation bankruptcy. If there is non-exempt equity in your property, the property may need to be turned over to pay your creditors. State and federal laws provide many exemptions that can be used to protect your property. A Chapter 7 bankruptcy is what most people think of when they think of bankruptcy. The attorneys at Owings Law are experts at preparing and planning to protect your property in a chapter 7 bankruptcy.