Protecting Certain Debts or Property from Bankruptcy
Technically speaking, you don’t “file bankruptcy on” debts or property. You file bankruptcy, and your debts are paid, or not paid, according to the provisions of the bankruptcy laws.
You do have to list everything you owe and everything you own, so that the court and trustee have a true picture of your financial condition. But if you choose the right form of bankruptcy, it may be possible to retain your property. Also, under bankruptcy law, certain types of debts—mortgages, car loans, and taxes, for example—are given special treatment.
