The economy may be rebounding slightly, but not soon enough for many people: nearly 1.4 million Americans filed for bankruptcy in 2011. Individuals thinking about filing for bankruptcy have two options, Chapter 7 and Chapter 13. With Chapter 13 bankruptcy, you can repay some of your debts, stop foreclosure proceedings, and if you have valuable property, this may be your best option to get out from under crippling debt and preserve some assets.