For specific answers to your question you should ask the attorney that is helping you with the bankruptcy.
In many states a principal residence is an exempt asset. You may be allowed to keep the asset and protect your equity from creditors. If there is a loan on the asset the debt must be reaffirmed. While bankruptcy may discharge a debt, if the debt on a secured asset is discharged, then the creditor may be allowed to seize the security.
If you owe more on the house than it is worth then you do not have any equity to protect. You might be able to keep the asset, but you would still be saddled with a loan on a property that exceeds the property’s value.
Since issues with bankruptcy and real estate law are complicated you should rely on your attorney’s advice.
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If you owe more than it is worth there is no equity, by definition. If you are in a Chapter 13 matter you may be able to get rid of a second mortgage, but only if the first mortgage debt is greater than the value of the home. So again, no equity by definition.
Exemptions only protect equity and they can vary by State, and many states allow their citizens to usse the Federal exemptions, but again, exemptions only protect equity.
Value of the asset –(minus)– amount of secured debt = EQUITY.