Just in case you are unclear, “Filing for bankruptcy does not mean you will lose your home.” If filing for bankruptcy meant you would automatically lose your home, I would be out of business! So, lucky for both of us, it is possible to keep your home and still file for bankruptcy.
Depending on the equity, if any, in your property, you may be required to file a Chapter 13 as opposed to a Chapter 7. See my website at http://www.fortunatoesq.com/nj-chapter-7/ vs http://www.fortunatoesq.com/nj-chapter-13/ for a brief discussion as to the differences as to a Chapter 7 and Chapter 13 cases.
It is possible to exempt some equity in property pursuant to 11 U.S.C. 522. You should consult an attorney so they can perform an equity analysis. If you believe you have equity in your property you should consult an attorney.
Remember, bankruptcy is there to help provide you with a fresh start!