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There seems to be a misunderstanding about bankruptcy and what you will lose in the process. While it really depends on which chapter of bankruptcy you are filing for, one thing is clear: you will not lose everything you own. Some people imagine that once you file for bankruptcy, everything will be taken from you including your home, car and any valuable possessions.


There are exemptions applied to your assets which protect your assets up to a certain dollar amount depending on the type of assets. If you are filing with your spouse, then these exemptions are doubled. There are many safe guards in place to keep those who file from losing everything that they own. In fact, a great number of people won’t lose anything but their debt.