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What property is excluded from countable assets in a person bankruptcy?

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Some debts cannot be cleared (child support, judgments, certain student loans, most notably. Basically all loans other than government ones are private and nothing special). A list of debts AND assets that can't be cleared or taken is below.
I'm not sure what the above intended, but it is incorrect to think there is any quality or quantity of debt required to file. Many people go BK on just credit card debt (probably the most common thing in fact), with no secured or priority debt. (In fact, generally a credit card co that gets a judgment and can secure it to a property of yours...probably won't have the BK clear it, as judgments aren't covered in BK).

But you should also note that BK doesn't just eliminate debts...or debts of your choice.
You go bankrupt, not the debt. It involves all of your assets and all of your debts. In basic form...all of your assets (again minus some few exempt things), are surrendered and liquidated with the money used to pay as much of the debts as possible (all debts are given a priority - first as secured like a car loan or unsecured which means against everything generally)...some are paid more, some less)...any resulting deficiency may be eliminated (wiped clean). You do not get to get rid of the debt AND keep what you may have gotten with it, (or invested/paid for elsewhere, instead of paying the amount owed).
Exemptions under Federal law, which may change a little in State applications by the Federal BK Court you file in:
Personal and Real Property:
(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments)
(2) Jewelry: Up to $1,075.00
(3) Vehicles: Up to $2,575.00
(4) Work tools (implements, books and tools of trade): Up to $1,625.00
(5) Health aides (wheelchair, etc.): Unlimited
(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)
(7) Real estate (house, co-op or mobile home): Up to $16,150.00
(8) Any property: Up to $8,075.00 of unused portion of real estate exemption
Wages, Pensions, Recoveries and Benefits:
(1) Wages: None
(2) Wrongful death funds: Amount needed for support
(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)
(4) Lost earnings payments: Unlimited amount
(5) Retirement benefits: Amount needed for support
(6) Alimony / child support: Amount needed for support
(7) Unemployment compensation: Unlimited amount
(8) Veterans benefits: Unlimited amount
(9) Social security benefits: Unlimited amount
(10) Public assistance: Unlimited amount
(11) Crime victims compensation: Unlimited amount
(1) Disability: Unlimited amount
(2) Unemployment benefits: Unlimited amount
(3) Unmatured life insurance: Unlimited amount
(4) Life insurance policy loan value, dividends or interest: Up to $8,625
(5) Life insurance proceeds: Amount needed for support
If you're doing a Chapter 7 bankruptcy, you can't discharge:
  • Taxes and tax liens
  • Student loans
  • Domestic support obligations (child support and alimony)
  • Luxury goods over $500 purchased within 90 days of filing
  • Fines or penalties of government agencies
  • Cash advances of more than $750 taken within 70 days of filing
  • Fraudulent debts
  • Willful or malicious injury to another
  • Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated
  • Condominium or cooperative association fees
  • Debts not listed on your schedules

Debts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged
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