The most commonly filed forms of bankruptcy are Chapter 7 and Chapter 13.
The major difference between Chapter 7 and Chapter 13 is the choice to pay back money over time. If you have overwhelming amounts of debt and extenuating circumstances such as loss of job or illness and wish to eliminate your debt overall, you may consider Chapter 7.
If you have a steady income but are being weighed down by debt, you may choose to file Chapter 13 bankruptcy and pay back your debt over time.
If you are a business-owner looking to file for bankruptcy, Chapter 11 bankruptcy allows business to file for bankruptcy due to creditor and supplier debt. Chapter 11 can also be filed by high net worth individuals.