Exemptions are powerful property allowances that permit many debtors to keep most or all of their property in bankruptcy. However, some exemptions are limited in dollar value and cannot completely protect property from bankruptcy. Fortunately, there are options. Chapter 13 bankruptcy allows debtors to keep their property, paying an amount equal to the non-exempt value of their property over up to 5 years. In some cases, the plan will already require a greater payment amount and keeping the property will add no extra cost.
In bankruptcy, assets are valuable things that the debtor owns. Assets include physical items like houses and cars, financial assets like accounts and stocks, and even contingent asset like unasserted possible lawsuits. If it is owned and has value, might have value, or may generate value, it is probably an asset.