It depends on the kind of bankruptcy. With liquidation bankruptcy, like Chapter 7, you can ask that your debts be discharged—in other words, that they be wiped out. This may require surrendering some property to sell to satisfy creditors. Chapter 13 requires repayment of some debts, in part or in full, but is spread out with a payment plan. Some debts are never discharged with bankruptcy, such as child or spousal support and tax debts. Student loans are only discharged if you provide evidence that paying them constitutes an undue financial burden; discharge of student loans is rare.