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Consumer Bankruptcy Regimes and Credit Default in the US and

What are the two most common types of consumer bankruptcies?
More than likely, you'd only be dealing with the two most common types of bankruptcies for individuals: Chapter 7 and Chapter 13. (A chapter just refers to the specific section of the U.S.
Bankruptcy Code where the law is found.²) But we'll take a look at each type so you're familiar with the options.
How many different types of bankruptcy codes exist in the US?
There are 6 different types of bankruptcy according to the United States Bankruptcy Code.
Each one of them is named after the chapter in the code where it is described.
What are most consumer bankruptcies filed under?
Chapter 7 and Chapter 13 are the most commonly filed types of bankruptcy, likely because these are available to individual consumers.
Bankruptcy is one way to discharge your debts, but it has a negative and lasting impact on your credit.
In a bankruptcy, you surrender assets to your creditors in exchange for the elimination of your debts whereas a consumer proposal is a legal settlement agreement that allows you to keep your assets.
A consumer proposal can result in lower monthly payments than in a bankruptcy.

What are the two most common types of consumer bankruptcies?