Fear of financial devastation or ruin caused more than 1.5 million Americans to file for bankruptcy in 2010. (Chapter 13) Statistics provided by US bankruptcy courts show that financial difficulties can hit anyone (United States). Bankruptcy). According to The Nations Health magazine, medical bankruptcies accounted for two-thirds of all bankruptcies filed in 2007, meaning that the debtor's list of creditors included some sort of overdue 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 bring can hit anyone. Therefore, understanding the differences in the requirements, process and outcome of the two most commonly filed types of bankruptcies, Chapter 7 and Chapter 13, is vital for those choosing an option to emerge from their financial difficulties. Although a debtor may be able to file either 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 major elements to consider in its regulation of both bankruptcies: assets and disposable income (U.S. courts). In the case of individuals, assets refer to any tangible item or object that a person owns, such as cars, houses, or personal property (bankruptcy). Although it is possible to have assets when filing Chapter 7, the common rule is that a debtor should go this route when he or she owns no assets other than minimally valuable personal property, vehicles, etc. daily use and/or a primary residence. On the other hand, Chapter 13 allows a debtor to own and maintain all the assets his funds allow. In terms of bankruptcy, the middle position of the paper allows for a fresh start and future success. Analyzing the requirements, process and results will ensure a wise choice is made. Works Cited “Bankruptcy Glossary”. Find the law. Finding the Law, 2011. Web. June 23, 2011 “Chapter 13 versus Chapter 7 Bankruptcy. » Find the law. Finding the Law, 2011. Web. June 23, 2011. Currie, Donya. “Illness, medical expenses linked to bankruptcy. » Nation in brief. The Nation'sHealth, August 2009. Web. June 22, 2011. Dugas, Christine. “Bankruptcy filings are on the rise.” The United States Today. USA Today, June 3, 2009. Web. June 22, 2011. “US Bankruptcy Courts – Bankruptcy Cases Started, Completed and Ongoing.” Table.United States. Courts. “Judicial Affairs of the Courts of the United States, 2010 Annual Report of the Director.” United States Courts. American courts. Internet. June 23, 2011. American Courts. American courts. Internet. June 23 2011.