Often referred to as straight bankruptcy by many, Chapter 7, can wipe out credit cards debt, medical bills, and other debts that are not secured by collateral. Retain your exempt property. You may even work out payments to keep the property you choose. Chapter 7 may be appropriate for you, if you are unemployed and do not have a regular source of income.
Individual needs and financial circumstances may require consideration of other bankruptcy provisions such as chapter 11 or chapter 12. Chapter 11 is often used by businesses that seek bankruptcy protection from creditors while the business is in reorganization. Chapter 12 provides bankruptcy protection to the family farmer. Consult an attorney for information to determine what chapter may be appropriate for you.