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If you do declare bankruptcy, you will need to file with the bankruptcy court a complete list of all your outstanding debts and of all your assets. Your assets will fall into one of two categories: Exempt and non-exempt. Exempt assets are those that you do not have to use to repay your debts. Generally speaking, this includes the equity in your home, a certain amount of equity in your automobile(s), a small amount for clothing, and a small amount for personal items.