Repossession, foreclosure, eviction, and wage garnishment will be halted until the case is settled. The downside is that it won’t get rid of your mortgage, car loan, or tax debts right away.
There’s Chapter 7, known as liquidation. It takes less time and is more straightforward. There’s also Chapter 13, for when you’ve fallen behind on car or house payments and want to catch up and still keep all of your property.
When you take your own bankruptcy petition and statement of affairs to the court, you will need to pay three fees, a court fee, a deposit, and a fee due to a solicitor.