Short Answer: Yes.
Longer Answer: The bankruptcy code is written to allow generous exemptions for the debtor. What this means is that the court is not looking to take everything you own. Some exemptions can be applied to specific items, for instance a home or car, while other exemptions can be used anywhere you need them. Generally speaking, you get to keep up to $35,000 of equity in your home, and a minimum of $3,500 of equity in a vehicle. A good working definition of equity is the blue book value minus the existing balance on the debt.
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