Basically, when you file bankruptcy, all of your assets become part of a bankruptcy estate. In Chapter 13, no one takes your assets unless you want to surrender them. Under State and Federal law, there are “exemptions” that you can apply to your assets to remove them from the estate. For example, Florida law allows you to remove $1,000.00 of a vehicle’s value from the estate. There are many other exemptions. Once we have applied all of the exemptions, the value of whatever is left in the bankruptcy estate is what you are required to repay to your unsecured creditors. It is a complicated concept.