Bankruptcy and Credit Cards: "What's In Your Wallet?"

I read over the weekend about Capital One Credit Card's new contract with cardholders.  Capital One has added a creep factor to their slogan, "What's in your wallet".  The new card holder agreement provides that they can personally visit you at your home and at work.  Imagine missing a payment and having a knock on the door from a Capital One representative.  They are probably going to want to know what is in your wallet.  Bankruptcy does a great job of eliminating debt from credit card companies.  However, more and more cards are taking a security interest in the property you purchase from certain stores.  For example credit card agreements can take a security interest in anything you buy from Best Buy, Big Lots, Furniture stores, Neiman Marcus, or Saks?  Technically, your clothes are in danger if you have a Saks "retail" card.  I have the most fun with credit companies expressing a security interest with my clients' mattresses.  They call requests whether my client's are willing to reaffirm the debt.  I laugh because a used mattress has virtually no value.  I am waiting for one of these companies to come to my client's house to repo the mattress.  Here is an example of a typical agreement with a credit company taking a security interest in a personal good:  Except as noted below, you grant us a security interest (which we may or may not perfect) in the following items financed using your Account:• any goods you buy with your Card; and
• any proceeds you get from the following:
  a) insurance contracts, and returned premiums: and/or
  b) mechanical failures and/or
  c) extended service contracts. Each good you buy using your Account:
• secures your entire Account balance until that good is paid in full; and
• may be taken from you if you do not pay on time.Thus, while bankruptcy will discharge the debt, a credit card company may still have security interest in the item you purchased.  You just may have to surrender the mattress you bought three years ago.