Chapter 7 of the bankruptcy code is often used by individuals to get a fresh start.  It involves the filing of a bankruptcy petition which lists all of one’s assets and liabilities.  A typical chapter 7 debtor will eliminate most or all of his debt.  There are some debts that are not eliminated under Chapter 7.  Those include recent taxes, parking tickets, most educational student loans, child support, alimony, maintenance and debts incurred through fraud.

Once a Chapter 7 bankruptcy petition is filed, all creditors receive a notice of the filing.  The creditors then have an opportunity to file an adversarial complaint objecting to the discharge of the debt.  The objection can relate to one individual debt or to the entire debt.  However, most cases do not involve fraud so there are not an abundance of adversarial complaints filed in Chapter 7 cases.  One common type of adversarial complaint involves a run-up regarding credit card debt.  Credit card debt and cash advances too close in time to the filing of a bankruptcy case can be held non-dischargeable.
Most debtors do receive a fresh start and eliminate the majority of their debts.  They also get to keep their homes; cars and other secured items provided that they continue to pay the debt on those items.  Whether a person can keep his personal effects depends upon the equity that he has in said property.  In most cases, debtors keep their minor property free and clear from any claims of creditors.

A typical Chapter 7 case takes four months to complete.  The majority of that time is simply waiting on the discharge papers.  That signals the completion of the case and creditors must respect the discharge order.