Yeah debt is something you have to pay back, unless you default or go BK.

Leases are fundamentally different, because if you stop paying the lessor still owns the asset and can come and get it, even more so than say a bank lien.

A BK court might put a stay on repossession for a *very* brief period, but a BK court cannot force the lessor to let you keep their stuff unless you're making payments they are happy with.

A leased asset isn't collateral to a loan, it's literally a rental. The lessee never had any sort of ownership stake or title.