I'll never be able to get credit again.

This is perhaps one of the biggest misconceptions about bankruptcy; in fact in many instances it may help you rebuild your credit. Once you file for bankruptcy most of your debts will be dischargeable, and with the discharge your income to debt ratio will improve drastically which will actually help you in the long run. Also once you file you will soon be getting credit card offers again. These credit cards will most likely have low limits and high interest rates, but the use of these cards will help you to start rebuilding your credit score and you will soon be on your way to having good credit again.

I will lose all my possessions if I file for Bankruptcy.

This is absolutely false. In fact, you may be able to keep everything you own. Each state has its own set of exemptions (laws that outline what you are allowed to keep when you file for bankruptcy). You should ask an experienced attorney for more information on what assets you may retain.

I can only file for bankruptcy once.
This is not true, you can file for a Chapter 7 every 8 years and there are different rules for Chapter 13's. You should contact an experienced attorney for more clarification.