Declaring bankruptcy means selling all of one's assets. If the sales of assets do not cover the total debt, the remaining debt is discharged. The person who declared bankruptcy will have a bankruptcy on their credit report for 7-10 years, making it difficult to obtain credit.

1. What happens if someone declares bankruptcy?
They have to sell all of their assets, and then does anything happen after that
if the sales of the assets do not reach the level of debt?