The purpose of bankruptcy is to clear as much debt from your name as possible. Many debts, such as credit card or medical debt, can be discharged in this way. Meaning you will not have to pay them back in the future. This usually results in a hit to your credit score, but with the benefit of being able to retain much of your property and your home.
Bankruptcy may require selling some of your possessions. However, unlike most repossessions, this is a civil and negotiated process. Certain possessions may be exempt, such as your house, furniture, car, or work tools. Bankruptcy is not merely selling all of your possessions- it is a thoughtful and mediated process. One where we work to ensure you are able to continue your life with a fresh start.