Yes, with some exceptions. Bankruptcy will not normally wipe out:
Money owed for child support or alimony;
Most fines and penalties owed to government agencies;
Most taxes and debts incurred to pay taxes which can not be discharged;
Student loans, unless you can prove to the court that repaying them will be an “undue hardship”;
Debts not listed on your bankruptcy petition;
Loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan;
Debts resulting from “willful and malicious” harm;
Debts incurred by driving while intoxicated;
Mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is sold by the creditor).
Remember: The law often changes. Each case is different. This post is meant to give you general information and not to give you specific legal advice.