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07-20-2007, 06:37 AM
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Bankruptcy does not affect secured assets. You cannot declare Chapter 7 bankruptcy on mortgages, car loans, or other secured loans made with collateral. You can only declare Chapter 7 (walking away from it) on things like credit cards and other debts that don't have anything being used as collateral.If you are hoping to wipe out your mortgage, that's not going to happen. You can file Chapter 13 on your mortgage, and that will help you keep your house. You won't walk away completely, though. You'll still have to pay, and will be on a fixed payment plan for several years. For more information, check this Bankrate article on Chapter 13:
www.bankrate.com 
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