It is unusual, but it’s possible. There are several ways to lose property in Chapter 7.
The first is if that property is not fully “exempt,” i.e., the value/equity in the property exceeds the amount that you can protect/exempt by law from your creditors. In this case, the Trustee sells the asset, gives you the amount/value that you could exempt, and uses the rest of the money to pay creditors. The second is if you try to hide it from the Chapter 7 Trustee, and the Trustee finds out about it. In that case, you cannot exempt it at all. The trustee sells the asset and gives all the money to creditors. The third way is if the asset is a financed car or house, etc. and you just don’t want it. In that case, you can choose to return the asset (aka “collateral”) and have the debt discharged. The last way is that if you have a financed car or house and you do not continue making payments on it. After the case completes (or before if the creditor asks the court for permission), the creditor can take action to repossess a vehicle and foreclose on a home.