Second, the way you explain how secured property is treated in incorrect. When debtors files a Chapter 7 Bankruptcy they are required to list all their creditors. If the court grants the debtors the relief requested in the petition by giving them a discharge, a debtors' legal obligation to pay those creditors is extinguished. This includes secured creditors. The distinction with secured creditors is that in most cases you cannot keep the secured property unless you continue to pay for the secured debt. Further, if you do not sign a reaffirmation agreement with the secured creditor before you get a discharge the creditor could take back the property if they wanted to do so. Whether they will do so usually depends on the type of secured property. For instance, with a car usually you will have to sign a re-aff agreement if you do not want the creditor to take the vehicle. With a house, however, in todays market a mortgage company is most likely not going to take the house back if you continue to make the payments even if it wants you to sign a re-aff and you refuse.

Bankruptcy experiences are based on a few factors: 1) the state the bankruptcy is filed in, 2) the circumstances of the person filing, and 3) the experience of the attorney helping the debtor.