Through filling out the proper government paperwork and making official declarations, individuals will not be required to pay off any debts they currently carry. Typically fees will be required monthly for a one year period until you are discharged from the bankruptcy. The cost of doing this is that your credit score will be severely impacted resulting in various financial difficulties or blocks from gaining access to credit, including a mortgage. You must rebuild your credit with the advice of a credit specialist. After a number of years (often 7 or 10) the bankruptcy will fall of your credit report.