See my answer in your other question you posted.
Chapter 13 does not require you to pay back all of your debt. That is a misconception.
The only way to get a feel for how chapter 13 works is to speak to an attorney.
Chapter 7 will do nothing to help you modify your home mortgage. Bu the chapter 13 mediation program may be able to help.
Again, please see the answer on your other posted question.
From your post it doesn't sound like you have spoken with an attorney. My suggestion is that you do so. If you file improperly, or if you fail to file in the correct chapter, you could end up in a worse position. Make sure you speak with a bankruptcy attorney as soon as possible and BEFORE you actually file your case.
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First, any bankruptcy attorney should go through all of your options under the bankruptcy code. Most likely a Chapter 7 or a Chapter 13 are the two options. A Chapter 7 liquidation does not modify or change the terms of any secured creditors status. I.E. by filing a Chapter 7 the mortgage company does not have to modify the terms of a mortgage and usually will not. However, in some cases they will contact you to keep you liable on the property. A Chapter 13 reorganization would repay creditors over time. However, pursuant to 11 USC 1322 you cannot modify the mortgage of your primary residence (i.e. you cannot change payments, interest or any other terms of the mortgage in a Chapter 13). Sometimes, the mortgage company will contact you after filing either type of bankruptcy to do a loan modification, but it certainly depends on the lender. Chapter 13 can be a percentage plan. Speak with a bankruptcy attorney in your area.
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