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When filing for bankruptcy some states allow as little as four thousand dollars equity to be kept in a house while just a very few don’t allow a house to be touched. In most states, very specific possessions are mentioned as being exempt, but the amount of the property exempted can be small and basically the debtor has to start over again. If the reader is contemplating this action and wondering what is Chapter 7 bankruptcy, know that the filing of this legal motion does not end on the day that property will be taken and one must begin again.