A BIG common misconception when filing for a chapter 7 bankruptcy is that you must give up your property to pay off your debts. This misconception is false! When determining if a chapter 7 bankruptcy is right for you, it is a good idea to first consult with a bankruptcy attorney. A bankruptcy attorney can discuss your options, further examine your intentions and what will work best for you. The true fact is that you actually have options in determining which property you want to keep and the vast majority of people end up keeping everything they want.