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When you say "file bankruptcy on" I assume you instead mean "discharge the debt".  If that's what you mean, the answer is yes, you can discharge debt owed on a loan for a bed set.  However, the lien created by the security interest would remain.   Thus, if you do not make the required payments on the bed set, or reaffirm the debt for some agreed amount, they can repossess the bed set--assuming they have a validly perfected security interest in accordance with the laws of your state.  You would not owe anything further to them if they do that, however. You can stop them from taking money out of your bank account at any time, regardless of whether you file bankruptcy or not, simply by cancelling the authorization you gave them. (I assume that's what you're referring to, and that they do not have a judgment against you already). Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.