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CAN I KEEP WHAT I PUT UP AS COLLATERAL (SECURITY) ON A LOAN? Usually collateral must be given back to the creditor that gave you the loan. If this happens, you will not have to pay anything owed on the debt. It will be discharged in the bankruptcy. To keep the property, you will usually have to either keep the debt and pay off the loan or pay the lender the actual value of the property. There are some exceptions, so talk with your lawyer. CAN I BE SUED AFTER FILING BANKRUPTCY? The minute the Chapter 7 or Chapter 13 bankruptcy papers are filed, creditors must temporarily stop all collection efforts, including lawsuits, garnishments, foreclosures and repossessions. After the court discharges the debts, the creditors can never legally try to collect the discharged debts. You should tell your lawyer if anyone later tries to collect those debts. SHOULD MY SPOUSE ALSO FILE BANKRUPTCY? In Tennessee a spouse is liable for food, clothing, shelter, medical expenses, and other necessities of the ...