A Chapter 7 Bankruptcy is what people usually think of when they hear the word bankruptcy. It is the most common type and it will help you eliminate your unsecured debt, such as credit cards, medical bills, collection accounts etc. It ultimately is the fastest and cheapest way to eliminate your debt.
A Chapter 13 Bankruptcy is essentially a debt consolidation through the government. Your debt will be consolidated and you will make monthly payments to pay down your debt. Your case will last anywhere between 3 to 5 years.