The most common forms of bankruptcy are:
- Chapter 7: Under Chapter 7, all of your nonexempt assets are liquidated to pay creditors, and in return you receive a complete discharge.
- Chapter 11: Designed primarily for corporate reorganization.
- Chapter 12: Reorganization-style bankruptcy designed for farmers and fishermen.
- Chapter 13: Reorganization bankruptcy designed for ordinary consumers. You can keep your property if you pay off your debts in three to five years.