Yes, but you also lose your property. Base bankruptcy (chapter 7) takes all of your nonexempt property and divided between your creditors. You have a discharge of your debts, even if your creditors paid in full. However, you do not get to keep your assets. If you lose your property anyway, what are the advantages of filing for bankruptcy? The only reason to file for bankruptcy would get rid of unsecured debts such as credit card debts or personal loans. You do not really need bankruptcy to get rid of the mortgage. (In theory, the lender may maintain an action against a procedure, if not sufficient, the deficit of the Fund to lock pay the mortgage. However, lenders almost never.)

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