Bankruptcy is designed to eliminate unsecured debt. If you have an unsecured debt and your creditor does not already have a lien (or claim) on any of your property then the creditor cannot repossess items once you file bankruptcy. Typical examples include credit card debt, bank loans, and medical bills. A secured debt, on the other hand, is a debt where an asset is held as collateral in order to reduce the lender's risk. The prime example is a mortgage....

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