Chapter 7 Bankruptcy is called a "Liquidation" and is the most common type of bankruptcy filed. In general, most people in Chapter 7 keep most of their property and erase most of their debt within a short period of time. There are a lot of exceptions here, so talk to the attorney to fully understand if you qualify for Chapter 7.
Chapter 13 Bankruptcy is called a "Reorganization" or a "Wage Earner" Bankruptcy. In this type of bankruptcy you consolidate all of your bills into one monthly payment. You pay for 3 or 5 years. Generally, you do not have to pay back all of your debts–only what you can afford to pay back. Chapter 13 is often used by people who are behind in their mortgage or car payments, who have tax obligations, who own a lot of property which they would otherwise lose in a Chapter 7, who have the ability to repay some, but not all of their debt, or who just have a strong desire to repay what they can.
Chapter 11 Bankruptcy is a Reorganization for Corporations trying to stay in business. Some individuals who do not qualify for Chapter 13 must file Chapter 11. However, it is a very complex and expensive type of bankruptcy, so most individuals try not to fall into this category.
Chapter 12 Bankruptcy is for Family Farmers and Fisherman. We have almost no farmers in Central Florida, so it is not a type of bankruptcy we usually see in Orlando. In the last decade there have only been a handful of Chapter 12 cases filed in the 5 county area of Central Florida that makes up our Orlando Division of the Bankruptcy Court.