Bankruptcy is a legal proceeding in which people who cannot pay their bills get a fresh financial start. Federal Law provides [most people] the right to file for bankruptcy and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, until your debts are sorted out according to the law. There are many effects on you once you file bankruptcy, such as eliminating the legal obligations to pay your debts, stop[ping] foreclosure on [a home], prevent[ing] repossession of a car, and restor[ing] or prevent[ing] termination of utility services. There are different types of bankruptcy that one can file; Chapter 7 (Straight Bankruptcy), Chapter 11 (reorganization), Chapter 12 (reserved for family farmers) and Chapter 13 (Adjustment of Debts). The most common bankruptcy cas[es are] filed under chapter 7.

I see that other answers aren’t changing the , to ;
Trust me, you’re supposed to because when you use a semi colon (:), then you have to separate the information with colons (;). You could put a comma (,), but only if you were talking about the same thing instead of changing ideas. As in, where you put the parantases when you were talking about the chapters, you could of put it like this – Chapter 7, Straight Bankruptcy; Chapter 11, reorganization… and such as