Originally Posted by csaribay

Unless they pull you as a bump ahead of time (thus allowing them to pull your bags), you will be separated from your checked bags, they will continue to their destination and will be caged for you until your return.

Generally this is not the case, as the bumps are seldom processed before the flight is closed (and consequently, the majority of bags are already on board).

Should be noted that bumps are first come, first served: If you acknowledge to the GA immediately after they arrive that you would be willing to give up your seat (and let them hold your BP), you essentially hold the first place in line. Note that this approach can yield slightly less than the going rate (a few times I've lost $100 from the initial solicitation rate, though it was worth the ease of knowing that if someone is going to be kicked to the curb, it's going to be me).