Filing for Chapter 7 bankruptcy enables you to discharge debt through bankruptcy proceedings. Although some of your assets are exempt from the bankruptcy, such as personal items, furniture, and other assets up to a certain value, any remaining assets are liquidated by the U.S. Trustee that is assigned to your bankruptcy case. Any money received as a result of this liquidation process is applied toward your debts, in order of their priority. Once you have completed all other requirements of the Chapter 7 bankruptcy process, you will become eligible for a discharge of your debts, meaning that you will no longer be responsible for repaying those debts. Keep in mind, however, that some debts are not dischargeable in bankruptcy, and you will remain responsible for those debts even following your bankruptcy.