It depends on your situation. Chapter 7 bankruptcy in Nevada allows you to keep various "exempt assets" while your non-exempt assets get liquidated to pay creditors. In some cases, filers have no non-exempt assets, and their creditors have to eat their losses while your debt is completely discharged in bankruptcy. But many chapter 7 filers end up losing their home to foreclosure if they lack the funds to make future mortgage payments. In contrast, the chapter 13 form of bankruptcy is about structuring a payment plan that may allow you to pay off some if not all your debts over time. Chapter 13 can stop foreclosure proceedings, potentially allowing you to save your homes as long as you continue making payments. Also, certain debts that can be discharged in chapter 13 bankruptcy - such as debts from divorce property settlements - cannot be discharged through chapter 7 bankruptcy. And whereas chapter 7 cases stay on your credit report for 10 years, chapter 13 cases stay for only seven years. If you file for chapter 13 but then realize chapter 7 would be a better type of bankruptcy for you (or vice versa), the Bankruptcy Code allows you to switch the filing mid-case for a $25 fee.