No. A lot of people believe that they cannot own anything for a long time after filing bankruptcy. This is not true. The bankruptcy laws allow people filing for bankruptcy to protect much of what they own by using what are called exemptions. Search this blog for previous discussions of what exemptions are and how they work.

The major exception is if a person who files a bankruptcy receives an inheritance, a property settlement, or life insurance benefits within 180 days (6 months) of filing their bankruptcy case. That money or property will most likely have to be turned over to the Trustee for payment to the creditors.