Whats the difference between bankruptcy Chapter 7 vs Chapter 13?
A Chapter 13 is not a complete debt wipe-out. You negotiate with each creditor to change the terms of the debt so you can repay them (i.e. cancel all interest, settle for a percentage of the principal balance, etc.). One you have established your repayment plan to each debtor, the BK will not be discharged until you pay back what you agrees to. In other words, you will still have to pay back each creditor, but not the full amount due.
