The most common types of bankruptcies filed by individuals and small businesses are Chapter 7 bankruptcy and Chapter 13 bankruptcy. There are pros and cons to filing either type of chapter. Generally, chapter 7 bankruptcy is the cheapest fastest option. However, in Chapter 7 bankruptcy, the case cannot be filed until the attorney fees are paid. In chapter 13, the initial cost is cheaper, but overall Chapter 13 is the more expensive option.
In Chapter 13 bankruptcy, the debtor gets to keep all his assets. In Chapter 7 bankruptcy, the debtor gets to keep all his exempt assets, but the trustee may sell his non-exempt assets to pay creditors. Chapter 13 bankruptcy does allow for a broader discharge of debts than Chapter 7.
Consulting with an experienced bankruptcy attorney will help you understand the differences as it applies to your situation.