Do you keep your property when you file for bankruptcy?

It depends on what type of bankruptcy you file and what type of property you own. If you file for bankruptcy under Chapter 13, you won't have to give up your property. Instead, you repay your debts over three to five years through a Chapter 13 repayment plan. 

If you file under Chapter 7, you may still get to keep all of your property. It depends on whether your property is protected by an exemption. Each state has its own list of exempt property, which the bankruptcy trustee may not take. Typical exemptions include some equity in a home, a car, clothing, furnishings, and tools of the trade. If your property is protected by a state exemption (or by a federal exemption, if your state allows debtors to choose between the state and federal exemption lists), you can keep it when you file for bankruptcy. 

If your property is not exempt, the trustee may take it, sell it, and distribute the proceeds to your creditors. However, the trustee won't take property that isn't worth much, that you owe more on than the property is worth, or that for any other reason wouldn't be worth the time and expense it would require to take and sell the property.