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To: BearCub

A chapter 13 restructures debt. A chapter 7 wipes it out. That’s unsecured debt like credit cards and medical bills. Secured debt like a mortgage still has to be paid back.


181 posted on 08/12/2007 9:03:13 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Moonman62
A chapter 13 restructures debt. A chapter 7 wipes it out. That’s unsecured debt like credit cards and medical bills. Secured debt like a mortgage still has to be paid back.

I understand the difference. My point was that few people qualify for an outright Chapter 7 discharge of debt anymore. The bankruptcy reform legislation forces most people to pay back at least some of their debt, including unsecured debt.

184 posted on 08/12/2007 9:44:38 AM PDT by BearCub
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