Chapter 7 bankruptcy is the traditional bankruptcy. You get rid of your debt (with notable exceptions like student loans or child support) and keep your stuff. This is filed by over 90% of people who declare bankruptcy. If you earn too much money, you might not qualify for a Chapter 7 bankruptcy. This is one of the reasons to file a Chapter 13 bankruptcy. If you make too much money, or have back payments on your house or car that you want to pay over a number of months or years, you might consider Chapter 13 bankruptcy.