What are the different types of bankruptcy I can file?

Chapter 7 (Liquidation)
An individual, or married couple, can eliminate most debts without having to pay them. The individual is only allowed to retain a certain amount of assets (vehicle(s), etc.) and must meet income requirements. Any assets exceeding the allowed amount will be sold off and the proceeds distributed to creditors.
Chapter 13 (Reorganization)
An individual, or married couple, can also eliminate most debts but would create a repayment plan approved by the Bankruptcy Court. They can retain all of their assets (vehicle(s), etc.) without income restrictions. Depending on the type of debt, they can also modify their debt terms (i.e. interest rate, term, etc.) for better repayment conditions.

There are two main types of consumer bankruptcies. There’s a Type A bankruptcy which is a relief bankruptcy and then there’s the Type B bankruptcy which is a restructuring bankruptcy. A Type A bankruptcy, a relief bankruptcy allows you to discharge most of your unsecured creditors such as credit cards, medical bills, charge cards, store cards versus the Type B bankruptcy, the restructuring bankruptcy allows you to force your creditors to enter into a payment plan between three and five years. That allows you to keep such things as your home, your car and also affords you a discharge at the end of your payment plan.