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Bankruptcy - Chapter 7

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Chapter 7 Bankruptcy is a complete, or true, Bankruptcy.  This means that you may discharge most unsecured debt to restart your financial life.  Dischargable unsecured debt includes medical debt, credit card bills,  personal loans, reposed cars loan, some judgments, and various other debts. 

Bankruptcy - Chapter 13

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Chapter 13 Bankruptcy is a repayment of debt at both at the federal interest rate and the amount repaid is based on what you can afford.  So, you can pay a percentage of your debt and the remainder is discharge after you complete your three to five year plan.  You can also spread out back mortgage payments for up to 60 months.