There are four types of bankruptcy available to individuals:

Chapter 7 - Refered to as Straight Bankruptcy. Debts are simply eliminated (with some exceptions), and the debtor does not set up a plan to pay creditors.

Chapter 13 - A three to five year process in which you pay a portion of your debts under a court-supervised repayment plan.

Chapter 12 - Like Chapter 13, but only available to family farmers and fishermen.

Chapter 11 - A more complex process used primarily by business debtors, but sometimes by individuals with substantial debts and assets.

The two most important types of cases for consumers are chapter 7 and chapter 13. In both types of bankruptcy, most creditors must stop efforts to collect debts after you file your case. This protection is called the "Automatic stay".