Bankruptcy and its laws and codes are complicated, and the rules and regulations frequently change. It is important that you seek out an experienced attorney to discuss the eligibility requirements, rights, and responsibilities for the various options available to you.
Consumer bankruptcy is typically filed under one of two chapters: Chapter 7 is designed for debtors who do not have the means to repay their debts, while Chapter 13 is designed for debtors who have a means of income to repay their debt over time. If you do decide to declare bankruptcy, it will immediately put a stop to foreclosures, repossessions, garnishments, and creditor hassling.
Bankruptcy should never be the first resort in solving financial issues, as it has long-term repercussions, but if you find it is your best option there are laws and codes in place to help you start rebuilding your future.