The fear of financial devastation or ruin led more than 1.5 million Americans to file for bankruptcy in 2010. (Chapter 13) Statistics provided by U.S. bankruptcy courts show that financial difficulties can affect anyone (United States Bankruptcy). According to The Nations Health magazine, medical bankruptcies comprised two-thirds of all bankruptcies filed in 2007, meaning the debtor's list of creditors included some sort of delinquent medical bills (Currie). Christine Dugas points out in USA Today that as the unemployment rate increases, bankruptcy filings will also increase (Dugas). These statistics show that the financial hardship and need for a fresh start that bankruptcy can provide can affect anyone, therefore, understanding the differences in the requirements, process, and outcome of the two different types of bankruptcy most commonly filed, Chapter 7 and Chapter 13, is vital for those who choose an option to get out of their financial problems. Although a debtor may be able to file Chapter 7 or Chapter 13, the requirements vary enough that some debtors may only have one filing choice. Title 11 of the United States Code describes two main elements to consider in the regulation of both bankruptcies, assets and disposable income (US courts). In the case of individuals, assets are any tangible items or items that a person owns, such as cars, homes, or personal property (bankruptcy). While it is possible to own assets when filing Chapter 7, the common rule is that a debtor should go this route when they own no assets other than personal property of minimal value, daily use vehicles, and/or a primary residence. On the other hand, Chapter 13 allows the debtor to own and retain as many assets as his or her trusts allow. In terms of failure, the middle card position allows for a new beginning and future success. Analysis of the requirements, process and outcome will ensure that a good choice is selected. Works Cited "Bankruptcy Glossary". Find Law. Find Law, 2011. Web. June 23, 2011 "Chapter 13 vs. Chapter 7 Bankruptcy." Find Law. Find Law, 2011. Web. June 23, 2011. Currie, Donya. “Illness, medical expenses related to bankruptcy”. The nation in brief. The Nation'sHealth, August 2009. Web. June 22, 2011.Dugas, Christine. “Bankruptcy filings are on the rise.” United States today. USA Today, June 3, 2009. Web.June 22, 2011. “US Bankruptcy Courts: Bankruptcy Cases Initiated, Settled, and Pending.” Table.United States. Courts. “The Director's 2010 Annual Report on Judicial Affairs of the Courts of the United States.” United States Courts. US courts. Network. June 23, 2011. US courts. US courts. Network. June 23 2011.