Understanding The Different Types Of Bankruptcy If you are an individual in the US you can apply for two different types of bankruptcy. The first is chapter 7 which can totally eliminate all of the individual's debts. The second is chapter 13; with this option the individual's debts will be paid off during the following five years.Businesses cannot file under chapter 7 nor 13, they must instead file under Chapter 11. They will be able to use...... Similar Editorial : by KMArticles. | Source : Bankruptcy Chapter 7 11
