Debts are not necessarily erased, they are discharged. This means that the legal obligation to pay them has been removed. Of the debts that can be discharged are any unsecured debts, secured debts (the difference between an unsecured debt and a secured debt is the presence of collateral. For example, a house is a secured debt, a car is a secured debt, a credit card is NOT secured). The debts that cannot be charged are student loans, tax obligations and anything procured through fraud or theft.