Chapter 7 is also known as liquidation bankruptcy, because the basic idea of Chapter 7 is that the debtor exempts those assets he can and turns all of his other assets over to the Trustee to be liquidated and paid to creditors. In most cases, the debtor is able to exempt all of his assets. This is called a "no-asset" bankruptcy case.
You may be asking, "what are exemptions?" or "how do I know what is exempt?" Exemptions are provided by California state law and they provide that a debtor can keep certain amounts of several different types of property. There are two different exemption schemes in California and the rules regarding exemptions can be complex. Even if you do not have all of your property in an exempt form now, a bankruptcy attorney can advise you how to (if it is possible) put that property into exempt form so that it would not be lost in a Chapter 7 bankruptcy filing.