The most common types of bankruptcy are Chapter 7 (liquidation) and Chapter 13 (reorganization). There’s also Chapter 11 for businesses and Chapter 12 for family farmers and fishermen.

While bankruptcy can discharge many types of debts, certain debts like student loans, child support, and recent taxes might not be dischargeable.

Bankruptcy will initially impact your credit score, but with responsible financial management, you can rebuild your credit over time.

Bankruptcy laws provide exemptions that protect certain assets from being seized. Your attorney can help you understand what assets are protected.

Depending on the type of bankruptcy, exemptions, and your specific situation, you might be able to keep your home. Chapter 13, for example, can help you catch up on missed mortgage payments.

Similarly, exemptions and the type of bankruptcy can determine whether you can keep your car. Often, Chapter 7 filers can reaffirm car loans, and Chapter 13 can help you manage car payments.

Bankruptcy can stay on your credit report for 7 to 10 years, depending on the chapter you file under.

Filing individually might protect your spouse’s credit, but community property states have unique considerations. Consult an attorney for guidance.

Yes, but there are time limits between filings and specific requirements that need to be met.

Yes, filing for bankruptcy triggers an automatic stay that puts a halt to most collection actions, including creditor calls and lawsuits.