I knew a couple of people who filed for bankruptcy and they did not lose their personal possessions -- their home, car or personal belongings. However, they did not have a lot of 'extras' to lose, and I have heard that if you have a second car, recreational vehicle, 2nd home or land you can lose those. I have also heard that (although it is not typical) in SOME cases you can lose your home but am not sure what the circumstances would be. You need to find out before you file and this is why professional help is so important. I have also heard that there are different types of bankruptcy -- one where most all your debt is 'forgiven' (in this type more assets are seized) and another where your debt is restructured, in which case you keep more of your assets. Have a professional help you and you will be more likely to have your assets protected. Blessings and hope all goes well for you!