Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - If i file chapter 7 bankruptcy what happens? - we owe the bank in excess of 20,000 due to several funerals that happened all at once, we currently have very little income i am in school trying to get a degree to be able to get a job. our house is in poor condition and probably isn't worth anywhere near the 20,000 we owe. the bank is about to foreclose on us in a matter of weeks, if we file bankruptcy will we still lose our home anyways? -