If you are not able to pay anything at all the option for you would be chapter 7. Most individuals who choose 13 over 7 intend to pay back what is owed under new guidelines established with each individual creditor. As far as mortgage is concerned, you may want to look into filing chapter 13. Regardless, you will need to qualify before you’re actually able to file. If you are found qualified for either one, you may find yourself having to sell off assets in order to pay creditors any amount which may be owed to them before the court may close your credit accounts. With chapter 7 your credit accounts may be wiped out however so is your credit buying ability for the next 7 to 10 years. This means if you intend to refinance, you will not qualify. If you file bankruptcy, you stand to lose "anything" which may be sold off to pay your debts. In most cases, the court hearing the bankruptcy case will decide upon this. The attorney taking care of your case may be able to keep your home for you given that you cannot sell it off because there is little to no equity build up. Keep in mind that if you do choose to file and are found qualified, you have the option to continue filing in another 8 years, however, obtaining insurance, purchasing a vehicle, and many other factors are all related to your credit rating. You may always request a free credit report online.

No. When you file a Chapter 13 bankruptcy, you still have debts, but it is set up so that you only have to pay a portion of what is owed. This allows you to get a fresh start over time. If you own property, your home can still be taken away if it was put up for collateral.

Chapter 7 is total bankruptcy and all debts are discharged. However, the same is true for real property as stated above. This means that all of your assets are liquidated to pay back the creditors.

There are some debts that can't be discharged at all, whether it's Chapter 7 or Chapter 13, and those include child support, alimony, some taxes, criminal fines, and debts arising from DUI.

I hope this answers your question.

Disclaimer: I am not an attorney, and do not represent myself as an attorney.