If your payments are current on the date that you file the chapter 7, and your equity in the collateral is covered under the exemptions, you may keep the property so long as you continue to make the monthly payments and comply with the terms of your contract, we call this the “be current and stay current” method. The advantage is that you cannot be held responsible for the debt if you can’t make the payments current sometime in the future.
If your payments are not current, you can try to negotiate a "reaffirmation agreement" with the creditor that allows you to catch up your payments. (There are two drawbacks to this option. First you cannot be sure that you and the creditor will be able to agree upon terms that allow you to catch up your payments. Secondly, the reaffirmation agreement reinstates your personal liability. Therefore, if possible, at the time of filing, you should have the payments current on any debts secured by property you want to keep.) If your payments on a mobile home loan, a mortgage, or a car loan are substantially behind or if the creditor has threatened to repossess or foreclose, you will need to file Chapter 13 to save the property.
Redeem the property by paying the creditor the value of the collateral. For example, if you owe the ABC Furniture Company $2,000.00 for a sofa that is now worth only $500.00, you can pay ABC Furniture $500.00 and keep the sofa.
Give the property back to the creditor (“surrender” the property) and have the debt discharged...(Note we are not current & want to keep the house)....

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