State laws protect what you own. These are called "exemptions". Most, if not all, of your assets (including automobiles and certain amounts of equity in your home) are "exempt" allowing over 99% of our clients to keep everything and lose nothing. In a typical Chapter 7 Bankruptcy, filed through our office, you will lose nothing. Our attorneys will advise you if you have belongings that cannot be protected. In Chapter 13 you keep all the assets you choose because your debts are paid off or wiped out.