Will You Lose Everything you have after filing for bankruptcy?

No, you will not lose everything you have. In fact, most people who file for bankruptcy will not lose anything. In most states, there are exemptions that safeguard houses, cars, household furnishings, wages, retirement plans, and personal injury claims. There are also federal exemptions. The specifics of your case (your income, the nature of your debt, you assets and so forth) determine which exemptions are used and what is protected in your bankruptcy.