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Filing for Chapter 7 creates a bankruptcy estate,  and state law determines what assets you get to keep when you file  bankruptcy. Equity in at least one car can often be protected, but  you need to review the laws of your state.  If you own the car outright, the value will determine if it can  be protected.
There are many factors that should be taken into account when considering filing for bankruptcy. 1. Figure out what bankruptcy options you have. Chapter 7 bankruptcy is a bankruptcy proceeding that can wipe out many of your debts in a three to six month period. However, you may lose some of your personal property. You can find out more by looking at Bankruptcy Overview: Chapter 7.