A Chapter 7 bankruptcy may be an option for you as it will discharge all non-secured debts, such as credit cards. Also, you will be relieved of the judgements based on the non-paid credit cards. However, in most cases student loans are not dischargeable under a Chapter 7. If you file a Chapter 13 bankruptcy, that is the type of bankruptcy in which you make payments to your creditors, usually for a period of 5 years. In that type of bankruptcy, you usually make payments toward debts that are not normally forgiven, such as mortgages, car payments and student loan balances.