Typically, debtors in a Chapter 7 bankruptcy are able to keep property that is exempt, fully encumbered with debt, and property that has no value or cannot be sold.
Exempt property is property (up to a certain value) that a creditor cannot take. California has two sets of exemptions and the Bankruptcy Code also includes a set.
Fully encumbered property is property that has liens or mortgages which are equal or greater to the value of the property. The trustee does not want this property because they will not make any money after selling the property and paying off the liens. You may keep this property as long as you are current on payments. If not, the creditor will take the property.