Assets

Exempt assets are assets that the bankruptcy trustee is not allowed to take away from you to pay debts.  Most kinds of property owned by typical people who file bankruptcy are exempt, meaning you don't lose them if you file bankruptcy.  But whether an item is exempt or not depends not only on what category of property it is, but also the value of your equity in the property.  How much of the item do you own, over and above any balance owned on it  The permissible exemptions usually have dollar limits to the amount of equity you can claim as exempt.

How to place a value on your property
11 U.S.C. § 506(a): Fair Valuation of Collateral

The value of your personal property that is collateral for debt (a debt where the creditor could repossess the item if you stop making payments, such as a car, furniture or computer equipment being purchased on installment) is determined based on the replacement value of such property as of the filing date of the bankruptcy case without deduction for selling or marketing costs.   if the item was acquired for personal, family, or household purposes, replacement value is the price a retail merchant would charge for a an item of that kind considering the age and condition of the property at the time is value is determined.   So the value of the car, the furniture the computer or anything else that you won't own unless it's paid off, is not what you paid for it , and it is not what you could sell for it at the flea market.  The value is what you would have to pay a retail store selling similar items in a similar age and condition.   Most retail stores do not sell used items.  However, there are usually stores in the area selling used furniture, musical instruments, cars, and similar products.  You might be able to provide a good estimate of the value of one of your items by inquiring at such a store.  I you can't find a a store that sells similar items in similar condition, the next best source for an objective appraisal is probably eBay or similar online markets.