No, filing a St. Louis bankruptcy does not mean that you will automatically lose everything you own (including the shirt off your back). But there are many precautions that need to be in place first. Because in certain situations, it is in fact possible to lose something you wish to keep (but a good attorney can make sure that that does not happen).
When you file a St. Louis Chapter 7 bankruptcy, it is necessary to disclose (i.e. make the court aware of) all of your real and personal property. This would include things like real estate, rental properties, time shares, and farmland. Also things like books, clothes, furniture, appliances, and sporting equipment need to be listed. And even items like bank accounts, money market accounts, stocks and bonds, retirement accounts, any outstanding accounts receivable, or pending lawsuits in which you may receive money. But please keep in mind, just because you have a duty to make the court aware of all the things own (or have an ownership interest in), this does not mean that you will have to give any of these items up.
This is because for each piece of property you own, there is usually a state exemption that corresponds to the item. For instance, your household good and furniture (which would include pots, pans, appliances, beds, dressers, etc.) are exempted up to $3,000 in value. That may not seem like a lot, but the value that is used is not actual value, but “garage sale” value. Garage sale value is much less than actual or resale value. Once you apply a garage sale value to the household goods, most people find that the $3,000 exemption is more than enough to cover their things.