Who decides what I can keep and what I will lose if I go bankrupt? April 30, 2015 by Questions 1 Comment Who decides what I can keep and what I will lose if I go bankrupt? Posted in:Anonymous Q & ABankruptcyNew York See more Prev:How soon will the collection calls stop after I file bankruptcy? Back: All Posts Next:will the bank seize my car or force me to trade it in? One Comment Mark E. Lewis, Attorney April 30, 2015 at 1:04 pm The bankruptcy law decides what items you can keep and what you have to surrender or bargain with the trustee to keep. In New York, you can choose the NYS exemptions or the Federal exemptions. Your bankruptcy attorney will advise which are the best exemptions for your situation. Leave a Reply Cancel replyYou must be logged in to post a comment.