The two main types of Bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidating non-exempt assets to discharge qualifying debts, providing a fresh financial start. Chapter 13 bankruptcy, on the other hand, involves creating a repayment plan to pay off debts over a period of three to five years. Additionally, there's Chapter 11 bankruptcy primarily for businesses, allowing for reorganization and restructuring of debts to continue operations.