re: John L Smith $25.7 Million in debt!

Chapter 13 all debt that can be paid back within 60 month payments are not, most company's will post the payment straight to the principal to reduce the debt and end up charging off the remaining balance. Chapter 7 all unsecured debt is charged off, you can reaffirm on secured debt or give it up. The courts can also take your assets and sell to pay toward your debts. Its not like you are wiping the slate clean, Bankruptcy will report on your credit report 7 - 10 years.