Will Bankruptcy take away all my debt?

For the most part, yes. Chapter 7 bankruptcy will eliminate debts and offer a fresh start, although there are some exceptions. Chapter 13 bankruptcy allows you to pay off some of your debt and potentially discharge others. There are some things that cannot be discharged, including child or spousal support, taxes, student loans, debts not listed in your bankruptcy filing (if assets were distributed in your case), and debts that were obtained under fraud.