The cause of declaring bankruptcy is often credit cards.
  Credit card debt is extremely easy to build up.
  It's easy to get a credit card and even easier to charge to it.
  Eventually you start just paying the minimum payments and interest builds up faster and faster.
  That's when you finally realize you can't handle it anymore.
  What else do you do but declare bankruptcy? There is no such thing as "credit card bankruptcy".
  You can declare chapter 7 or chapter 13 bankruptcy as an individual.
  There are other chapters for businesses, farmers, corporations, etc.
  If you have too much debt, whether it's from a personal loan or credit cards, you declare bankruptcy the same.
  On the other hand, not all debts can be discharged at bankruptcy such as student loans.
If you have credit card debt, you will probably want to declare chapter 7 bankruptcy.
  This is the liquidation chapter.
  All of your nonexempt assets will be liquidated and the money will then be used to pay off as much debt as possible.
  Then, all other debts will be discharged, assuming they are debts that are allowed to be discharged.
If you don't want to lose your assets, you can file chapter 13.
  Not just anyone is allowed to file chapter 7 or any chapter for that matter, you must be approved after filing a petition.
  Chapter 13 is reorganization.
  Your debts will be paid off for you and then you are set up to pay smaller debt payments to your trustee.
  This will help you to repay your debt more easily.