What is the difference between chapter 7 and chapter 13 bankruptcy? Do you lose all your possessions if you file for bankruptcy? How do you discharge your debts? These are just a few of the questions you must consider when you think about filing for bankruptcy. If your finances get all out of sorts, it may be time to file for bankruptcy, but in order to navigate the process of filing for bankruptcy and get your finances in order to avoid future problems, you should at least consider enlisting the help of a bankruptcy lawyer such as Jeffrey S.