Our firm handles Chapter 7 Bankruptcy Only at this time. Once a Chapter 7 Bankruptcy Discharge is issued all debt set forth in the petition is wiped clean. You as the debtor will not be responsible for that debt unless it is a debt to the IRS or a Student Loan Debt, both of which are not dischargeable. In order to apply for Chapter 7Bankruptcy, you must meet certain income requirements and receive approval from a Credit Counseling Agency to apply for same. If you do not meet the requirements you must file a Chapter 13 Bankruptcy which involves drafting a plan to pay back a portion of the debt owed. The plan can run anywhere from three (3) to five (5) years during which you will be required to make payments to the Trustee on a monthly basis.