No but creditors would be able to seize assets from this. Bankruptcy (most commonly Chapter 7 or Chapter 11) allow for protections of certain personal property, such as one's house. But the rest of your assets will essentially be vaporized by creditors: This is the whole point of bankruptcy protection. You don't have enough to pay so-and-so and you fear you will never have enough, or that the debt load is so great, you will never be able to pay the debt. So you file bankruptcy, give everything you DO have to creditors, and by law will be able to at least retain assets like a primary house, or at least it will buy time to stop foreclosure and repossession by a creditor (like a bank or other lender). But even then, if you still can't later on afford to get current on the home with on-going income, you would eventually lose the house, too.