Going Bankrupt, Will I Lose Everything? The quick answer is no, you will not lose everything. Filing bankruptcy protects you from losing everything, and this type of legal protection is one of the main reasons people choose to file for bankruptcy. Because sometimes an individual or business can be legally forced by their creditors and a court to declare bankruptcy, it is better to choose to file because the type of bankruptcy you choose determines which types of assets and property you get to keep.
Source: http://www.wcitpa.com/finance/will-i-lose-everything-if-i-file-bankruptcy/
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