Well depends what jurisdiction you live in but basically you would wipe away your debts and start fresh. Talking to a bankruptcy attorney will help you decide if it’s a good option. There are certain things you have to consider, but overall is a good move if debts are too much to handle. Gets rid of a lot of stress.

https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics