Chapter 7 is the bankruptcy relief most often sought.  On filing, all assets pass to an estate administered by a trustee, who liquidates all nonexempt assets of value.  Creditors can file claims against the assets and the claims are paid in accordance with the Code.

If you are an individual, you can get a discharge of all debts, other than debts declared nondischargeable under 11 USC Section 523, unless a creditor can establish a basis under 11 USC Section 727 to deny your discharge.

Your eligibility for Chapter 7 relief is governed primarily by the “means test” and the credit counseling and other requirements of 11 USC Section 109.  The credit education provision require that an individual receive a briefing on available credit counseling opportunities and assistance in performing a budget analysis from an approved, non-profit budget and credit counseling agency during the 180 days before filing for bankruptcy.

You must also complete a instructional personal financial management course before discharge is granted.

The means test is applicable to people with primarily consumer debt.  The test is set forth in Bankruptcy Code Section 707(b).  Under it, a person may not proceed under Chapter 7 if an objective formula-based analsis of the person’s income and expenses indicates that they will be able to repay some or all of what they owe to unsecured creditors.

If you have desires to retain nonexempt assets then you have to consider Chapter 13.