Are There Different Kinds Of Bankruptcy?

Yes. An individual or married couple may fileunder Chapter 7 or 13.

Chapter 7 or "straight bankruptcy" provides for discharge of most debts, making them no longer enforceable. Except for secured claims, the debtor may keep most of his or her property under the exemption statute.

Chapter 13 or the "Wage Earner Plan" a plan organized to pay your creditors out of your future income. The plan is submitted to the court for approval. A trustee collects a set amount each month and distributes it to your creditors for 36-60 months. Upon completion of the plan, most unpaid debts are discharged.