Chapter 7 Bankruptcy is where all your debts are wiped away, you will not owe nor are any creditors listed in your Chapter 7 Bankruptcy allowed to ever try and collect on any old debts.

Because Chapter 7 is so powerful and effective all the major companies have lobbied congress and a new Bankruptcy law was approved and went into affect in Oct of 2005 that will force many people seeking protection under Chapter 7 to file under Chapter 13 bankruptcy . Chapter 13 requires at least some payments are made to creditors.

Under the new Bankruptcy law you will be required to meet with a credit counselor
 

Read the United States Bankruptcy Code