Chapter 7 

   Chapter 7 bankruptcy, or "fresh start" bankruptcy as it is sometimes called, allows you to eliminate some, or all, of your debt while keeping property that is exempt from liquidation by the bankruptcy trustee. 

   Under Chapter 7, you will likely be able to keep your car and your home if you have not fallen behind on your payments and continue to make them on time.  Elimination of other debts can make more funds available to pay toward those things that you are most concerned about keeping.

    Chapter 13

    Chapter 13 allows you to keep most or all of your property while repaying your debt either in full or in part.  Under a court-approved plan, if you have sufficient disposable income, you will be required to repay your creditors over a period of 3 to 5 years.

   Mounting debt loads can be extremely stressful, but there may be relief for you under the Bankruptcy Code.