No, you don’t necessarily get out of all debts if you declare bankruptcy. However, it can give you a fresh start by discharging certain debts and gives you protection from creditors. The type of bankruptcy you file will also determine which debts are dischargeable. For example, with Chapter 7 bankruptcy, most unsecured debts are discharged though there are some exceptions such as child support and alimony payments. With Chapter 13 bankruptcy, you must repay some or all of your debts but may be able to get a lower interest rate or longer repayment period. Ultimately, whether or not declaring bankruptcy is the right choice for you depends on your individual situation and how much debt you have. Talk to a financial advisor or bankruptcy attorney to see if