Yes it will effect both. And why aren't you looking for a way out? Such as may be sell the house or refinance and get a different loan program that will give you the chance to make minimum payments. Bankruptcy is a very ugly case you might have hard time in such as not getting qualified for a loan or at least having difficulties getting it and anything you would finance will be very high interest rated. If you beleive you will get back in track to make payments, speak to the lender of your mortgage so they can give you some time before they take it away from you. If you have any equity in it don't wait, sell it. Good luck....
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Forecolsure and bankruptcy? 
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