Though the benefits of bankruptcy are intriguing and appealing, don't mistake bankruptcy for an end-all-be-all solution to all your problems. Though bankruptcy can do many things, it can't do everything. Bankruptcy cannot or may not do the following:
If you possess property or items that lawfully belong to others, they still belong to them even after you file. Bankruptcy law may require you to keep paying loans or debts that they deem as a priority. Any co-signers on your debts may still be required to pay their share. They are not necessarily safe. You’ll not be protected from future debts that occur after you’ve filed for bankruptcy.