When individuals file for bankruptcy, they typically file for Chapter 7 bankruptcy, which is often referred to as a straight liquidation bankruptcy. In simple terms, Chapter 7 bankruptcies provide debtors with a means to start fresh financially by relieving them of the debt they have acquired as of the date of filing for bankruptcy. While some debts will be discharged, which means you no longer have to make payments on them, others – like education loans, child support or tax payments – can not legally be discharged. As part of the process of filing for bankruptcy, all of your property, income and assets will become your bankruptcy estate from which creditors can attempt to collect all or a portion of the monies owed to them. However, the law allows for some exemptions from the bankruptcy estate, which means that you can keep some of your property safe from creditors.