Bankruptcy is common for both individuals and businesses, and Chapters 7 and 13 are two of the most common types of bankruptcy. With Chapter 7 bankruptcy, you sell off your assets and start over with no debt. You can only file for Chapter 7 bankruptcy once every 6 years, and it stays on your credit score for 10 years. In Chapter 13 bankruptcy, you have a structured payment plan for repaying debt instead of selling off assets. Only individuals are eligible for Chapter 13 bankruptcy, and you must repay all creditors. Filing for either Chapter 7 or 13 bankruptcy could be the answer to your financial problems and help regain financial responsibility.