Posted by John T (WI) on August 28, 2008 at 09:28:54:
In Reply to: Re: MH note cramdown by CH 13 Court posted by JeffB (MI) on August 28, 2008 at 06:37:39:
A chapter 7 means you lose everything. A lot of people don't want to lose their "stuff".
Chapter 13 is a 5 year repayment plan. In most cases, they affirm their secured debt (houses, cars) if they want to keep them, but they have to keep paying them. Unsecured debts like CC's will usually not get anything, or very little.
A chapter 13 is on your credit report for 7 years, and a chapter 7 for 10 years, IIRC. I'm really not sure about this part...it could be both for 10 years.