What about my belongings? Do I have to list all of them in my bankruptcy?

Every belonging or asset you own must be included in the filing. After filing you may choose to exempt some of your assets form the bankruptcy.

What happens if I exempt my car or truck?

You didn't actually exempt the vehicle (or any asset) you really only exempted the equity (the value of the vehicle minus the debt owed on it) in the asset . To help you understand the concept of equity think about a situation where you have a loan for say, $20,000 on a car that is only worth $25,000. You have the difference between the value and the loan or $5,000 in this particular example. You would exempt $5,000 from your bankruptcy. However this does not mean you get to keep the car free. You only keep the vehicle if you make payments on it.

On the other hand, if the situation was reversed and you owed $25,000 on a vehicle worth only $20,000 then you could choose to simply give the vehicle back and owe nothing. One of the advantages to filing bankruptcy.