Chapter 7 Function

• Chapter 7 is a debt forgiveness type of bankruptcy that permanently eliminates a consumer's obligation to repay existing bills such as credit cards and medical bills, according to "How to File for Chapter 7 Bankruptcy."
  
  

Chapter 13 Function

• In Chapter 13, a debtor partially repays his credit cards, loans and other bills like medical debts under court supervision, according to the United States Bankruptcy Court.
  
  

Chapter 11 Function

• Chapter 11 is similar to Chapter 13 in that it is a restructuring type of bankruptcy, according to both the United States Bankruptcy Court and "How to File for Chapter 7 Bankruptcy." But this option works best for self-employed people or business owners who want to protect all personal and business assets while only partially repaying creditors.