Most, if not all, of your debt will be discharged at the end of the Chapter 7 bankruptcy process. This means the debts will be legally forgiven. The creditors will take a loss, but they generally don’t have much of a choice.
Creditors can try to object to a specific debt’s discharge, but the grounds for objecting are very limited. In most cases, they will have to show that you committed fraud or filed a false financial statement if they don’t want the debt to be discharged.
Working with a bankruptcy attorney before and during the process will help avoid the kinds of mistakes creditors might be able to exploit to make such objections, as well as improve your ability to contest them if they do. For more information on FAQs In Chapter 7 Bankruptcy In Texas, an initial consultation is your next best step.