There has been a misunderstanding that when and if an individual files for bankruptcy; she will lose everything ranging from their car and house to the spoons in their kitchens and socks in their drawers. However , this is not true. In essence, there are a few things that you're going to lose while there are a lot others you are going to keep. For example, if the house you are living in isn't under foreclosure, then you can keep it even once you have filed for bankruptcy, and this is because of the fact that a house under foreclosure has a complete different process. More therefore your private effects are also going to remain in your possession even once you have filed for bankruptcy.