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Does that mean all my property will be sold in a Chapter 7

No. Bankruptcy law allows for a certain amount of property to be protected from liquidation by the Trustee. In Ohio, we use the Ohio State "Exemption" laws that protect against all creditor collection action. Some examples of the values protected by the Exemption laws (current as of August 2010) includes $21,625 in the equity in your primary place of residence, $3,450 in the equity value of one motor vehicle, $11,525 in the combined amount of all your household goods and clothing (assuming no one item is worth more than $550). These are only samples, and there are many other exemptions to properties, rights and claims that exist to prevent you from losing your valuable possessions by filing a bankruptcy.   Although there is never any guarantee, a majority of Chapter 7 filings issue a discharge with no property whatsoever being turned over to creditors.

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