Just because you are filing for bankruptcy does not mean that you have to give up all of your property.  Most people are able to keep all of their property in bankrupcy.  This is because certain property cannot be sold or taken from you according the bankruptcy exemptions that are provided by state or federal law.  The new BK laws made certain changes concerning residency requirements and in some cases actually capped the amount of equity that is protected in a residence.  These changes should not effect most people however.  On a good note, Congress did pass a provision allowing a person to be able to protect up to a million dollars in a qualified retirement account or IRA.

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