Bankruptcy options primarily include Chapter 7 and Chapter 13 filings. Chapter 7 allows individuals to eliminate most unsecured debts, such as credit cards and medical bills, while liquidating non-exempt assets to pay creditors. This process typically takes a few months and provides a fresh financial start. Chapter 13 is designed for individuals with a regular income who want to keep their assets. It involves creating a repayment plan to pay off debts over three to five years. This option helps individuals manage their debts while retaining their property, making it suitable for those facing temporary financial difficulties.