What isn’t true that I was replying to is that chapter 11 bankruptcy is only for corporations and gazillionaires. Regular people can use 11 to their benefit often - especially if they aren’t so far in the hole they can’t see daylight.

Secured debt can be discharged without forfeiting the collateral by paying it off or coming to a new arrangement in a chapter 11 proceeding.

While there is a lot of discretion judges get in the vast majority of 7 or 13 proceedings, unsecured credit holders are entirely wiped out, or very nearly. Each individual case is different of course.