Fact: most people who file bankruptcy don't lose anything.
Every state has exemptions that protect certain kinds of property. Indiana has exemptions to protect such things as your house, your car, your truck, household goods and furnishings, IRAs, retirement plans, the cash value in life insurance, and wages. If you have more property than can be protected by the available exemptions, you can take Chapter 13 bankruptcy. In Chapter 13 bankruptcy, you can keep your property by paying a higher Chapter 13 plan payment.
So, if you want to keep a car, truck, home or business equipment that serves as collateral for a loan, you need to keep paying on the debt. If you make these payments and have exemptions to cover any value above what is owed, you will be able to keep these items.