Although bank accounts are considered to be an asset under the Bankruptcy Code, what happens to the funds in those bank accounts depends largely on the amount in each account. For the purpose of a chapter 7 filing, you will need to list each bank account and its value separately. In both California and Hawaii, bank account balances are exempted up to a certain limit. If you are someone who is living paycheck to paycheck, chances are good that your bank account balance will be exempt from chapter 7 liquidation.