Chapter 7 bankruptcy will provide relief from unsecured debts (such as credit cards, medical bills, miscellaneous signature debt, deficiency balances).  Chapter 7 will stop foreclosures, repossessions, garnishments, most utility shutoffs, and debt collection activities.  After discharge, student loans, alimony, back child support, fines, some tax issues and any debt willfully based on fraud are still collectable.  Chapter 7 will also provide exemptions that permit most individual debtors to keep their assets, such as equity in their home, vehicles, personal property, and retirement accounts.  Exemption amounts for your property will vary from state to state. Your bankruptcy attorney will assist you on exemptions as this is their area of expertise.  Bankruptcy may help clean up a bad credit record and will be part of this record.