You cannot expect to solve all your financial problems by getting yourself declared bankrupt legally. It is also not the preferred step for every person. When you get declared bankrupt, you still cannot:
Avoid specific rights of the `secured’ creditors. A creditor is termed `secured’ when he or she has taken out a mortgage or any kind of lien on your property as a collateral against the loan offered to you. Prime examples of such secured loans are home mortgages and car loans. You can arrange payments for secured creditors that are spread over a period of time during the process of filing for bankruptcy; this can get rid of the obligation you have of paying additional money when your property is confiscated. However, you will not be able to have a claim on any collateral unless you carry on payment of your debt.
Discharge any kinds of debts that may be singled out by the law of bankruptcy for any special treatment as in the case of alimony or child support and specific debts that may be related to a divorce case; criminal fines, student loans, restitution orders by the court and few taxes (see Texas Non-Dischargeable Debts)
Protect the cosigners who have stood guarantee for you on the amounts owed by you. When a friend or a relation has co-signed on a loan amount and the loan is discharged in bankruptcy by the consumer, the cosigner will be held responsible for repaying all or a portion of the loan amount.