Legal Question in Real Estate Law in California

No. Chapter 7 is a bankruptcy in which you essentially surrender all of your property to a bankruptcy trustee who will sell it and apply the proceeds to paying your creditors. You are allowed to keep certain exempt property, but you'll pretty much lose control of your financial affairs for the duration of the bankruptcy proceeding. The trustee and the court will clean house for you and hand you back what's exempt or surplus after three or four months. See a bankruptcy lawyer for a better and more detailed description of Ch. 7.

When you file BK, all your assets become the property of the Trustee to dispose of, subject to exemptions listed in the BK Code. In addition, your credit will be ruined [worse than it already is] for ten years or more.