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In past years, anyone could file bankruptcy chapter 7 and easily eliminate any amount of debt quickly. Now, since the Bankruptcy Reform Act, most do not qualify for bankruptcy, and you are forced to try other bankruptcy alternatives such as debt settlement first. Bankruptcy is a legal court process where those who are completely insolvent are able to possibly protect their primary residence and eliminate debts. The upside is that once a chapter 7 bankruptcy is completed, the creditors literally write off the debt and cannot pursue you further. The downside is that it is a permanent court record, and will also remain on your credit reports as a public record for up to 10 years.