What must I do to prevent foreclosures and repossessions?

Chapter 7

Soon after filing the petition, you must declare whether you will return the property, purchase the property from the creditor or enter into a Reaffirmation Agreement with the creditor. However, if you do not do one of these things, the stay will terminate and the creditor may take the property.

Chapter 13

In most cases you will be able to keep property even if you have given it as collateral for a loan. Your plan can modify some loan obligations by stretching out payments and reducing interest rates. As long as you make payments under your plan, your lenders will not be able to foreclose on or repossess your property.