Once your non-exempt property is sold the court will appoint a trustee to take the money raised to pay off your “dischargeable” debts. You will still be responsible for paying your non-dischargeable debts. Following is a list of what courts define as dischargeable and non-dischargeable debts:

Remember that if you have a co-signer(s) on any of your debts after your bankruptcy is finalized your creditors will most certainly go after your co-signers to recoup the money owed them. This is important to take into consideration. How important are those relationships and are you ready and willing to have your cosigners be responsible for your debt?

After settling your debts, the court will notify you that all of your dischargeable debts are finished. That means that you are no longer legally responsible for paying back that debt. Your slate is clean.

It will take approximately four months for your Chapter 7 bankruptcy to be finalized. The information will remain on your credit report for 10 years.