Chapter 7 bankruptcy stops collection activity and wipes out unsecured debt. It stops foreclosure and repossessions.
It allows you to return cars and houses without owing a deficiency balance.

Some debts are not discharged in a Chapter 7 bankruptcy such as child support, alimony, accidents where drugs or alcohol were involved, most student loans and taxes.
Both Chapter 7 and 13 stop garnishments, bank account levy, check cashing loans, repossession and collection calls. They give you relief from the phone calls from your creditors.

Chapter 7 can give you a fresh financial start. A Chapter 7 bankruptcy lets you stop paying payday loans, credit cards and other unsecured debts. This allows you to pay your living expenses.

If you are current on your house or car, you may keep them in a Chapter 7, if the equity in those items is not more than your allowed exemptions.

It is important to list all of your debts, including money owed to individuals, overdraft checking accounts, and payday loans. If a debt is not listed, it is not discharged.

It is also important to list all of your assets, including land (even if you own it with other people) and inheritances, cash in the bank. The Bankruptcy Code allows protection for some assets, but the assets must be listed.