No. But it usually gets rid of the debts that are creating the financial chaos, such as credit card debts, cell phone and other utility balances, outstanding loans, and even (in most circumstances) taxes. Debts that will remain after bankruptcy include money owed on secured assets (like a house or car) and debts resulting from alimony/child support, illegal activities and resulting fines, and student loans if it is less than seven years since you were last a student.
