Because bankruptcy is a process to help "honest and unfortunate" debtors, there are certain exceptions to the assets you have to surrender. Most people are entitled to keep limited amounts of essential items like clothing, furniture, medical equipment, tools of trade, pensions, and registered retirement savings.If you have little or no equity in your home, you may be able to negotiate with your mortgage provider to continue paying your mortgage throughout and after bankruptcy. In contrast, if you have substantial equity in your home—and equally substantial debts—your Licensed Insolvency Trustee will either seize and sell your property or help you make alternative arrangements to repay your equity and keep your house.In other words, it's not your home itself that's directly claimed by the bankruptcy process, but rather the equity you have in it. Either way, it can quickly become a complicated situation which is why it's essential to have impartial advice from a qualified professional.