Bankruptcy does not make these security interests go away. If you don’t make your payments on that debt, the creditor may be able to take and sell the home or the property, during or after the bankruptcy case. There are several ways that you can keep collateral or mortgaged property after you file bankruptcy. A school district in Beverly Hills, California, was saddled with a bill of at least $11 million to plug 19 oil wells on the property of its high school, after a judge in absolved Venoco LLC. Filing Chapter 7 in Atlanta Georgia is the fastest and most common form of consumer bankruptcy. Under the protection of a federal court, Chapter 7 Bankruptcy a tool to resolve overwhelming debt. You may have to give up some assets, like an expensive car or jewelry, but the vast majority of people filing for this type of bankruptcy in Georgia do not.