In Chapter 7 bankruptcies, a trustee is appointed by the clerk's office to preside over the meeting of creditors and to investigate your assets to determine if there are any which are not exempt under Texas law or Federal law from creditor collection efforts.
Those that are not found to be exempt may be sold or liquidated, and the proceeds used to pay creditors. A process that the trustee is also in charge of.  For most individuals in Texas, their home, vehicles, household furnishings and retirement plan are exempt, so they get to keep those items.