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Unsecured debt is a type of debt that is not backed by collateral. Chapter 13 creates a 3-5 year payment plan that lets you keep assets, but you need steady income and must owe less than $465,275 in unsecured debt. These debts have no collateral, so creditors cannot take your property without going to court first.
But it can involve assetliquidation, and the discharge is independent of such sales. Caution is necessary as it involves using your home as collateral. Quick Summary: Healthcare-related debts such as medical bills become dischargeable through bankruptcy (Chapter 7 and 13). Chapter 7 offers discharge for eligible medical bills.
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