When you file bankruptcy you have to list all of your creditors, both secured and unsecured. This is true, even if you plan on keeping your secured assets, like houses and vehicles, and will continue paying them.
After your case is filed, make sure to keep up with your regular monthly payments to secured creditors, unless your attorney tells you otherwise. When you receive your bankruptcy discharge, you will discharge your liability on the secured assets. To keep those assets, you have to keep paying the debt though. Discharging your liability on the debt means if ever the loan is recalled (repossessed or foreclosed) or there is a loan deficiency you will not be on the hook for the remaining loan balance anymore.
In a Chapter 7 case, some secured lenders will want a reaffirmation agreement signed. A reaffirmation agreement re-commits your liability on your secured loans. Your attorney will walk you through the pros and cons of signing a reaffirmation agreement for your specific situation. Some creditors will draw a hard line and will want a reaffirmation agreement signed, for you to keep the collateral.
After filing, you will notice your online payment portal and automatic payments may stop for your secured creditors. This is extremely common. Due to your liability being discharged and the automatic stay protections with the bankruptcy, your secured creditors shut down online access and automatic payments, so they do not violate your bankruptcy rights. Although it is up to the lender if they will set up online access or automatic payments after bankruptcy, let your attorney know when they shut down. Your attorney may be able to help get them set back up with a letter to the lender. You can and should continue to pay on your secured debts if you want to keep them. You may just have to pay by phone, check, or stopping at a branch.
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If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!
