Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What is Chapter 7 bankruptcy? - Chapter 7 is where personal debt is discharged and creditors cannot come after you . What does not get discharged are taxes, student loans and child support. You have to meet a financial means test and that varies from state to state. You will have to list all of your debts and assets. You can decide to reaffirm certain debt like house or car payments-meaning you agree to pay these and if you cannot down the road pay them you would be responsible. You cannot file again for BK for 10 years and it stays on your credit report for 10 years. Your credit will be ruined and your will have a hard time getting credit, renting or getting certain jobs. So think long and hard before you file BK. Chapter 13 is where you are put on a plan for 3 to 5 years to pay off debt.