But, in most cases, you will still need to choose between continuing to make payments or giving the property back. Bankruptcy won t eliminate a lease, mortgage or car loan and let you keep the property at the same time. Stop wage attachments, debt collection harassment, and similar creditor actions to collect a debt. Restore or prevent termination of utility service. Allow you to challenge creditors who have committed fraud or who are otherwise trying to collect more money than you really owe.
Common examples are car loans and home mortgages.
You can force secured creditors to take payments over time in the bankruptcy process, and bankruptcy can eliminate your obligation to pay more money if your property has been taken. But, you generally cannot keep the collateral unless you keep making payments on the debt. Discharge certain debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, some student loans, court restitution orders, criminal fines, and some taxes. Protect co-signers on your debts. Discharge debts that arise after bankruptcy has been filed.