Bankruptcy Law states that Bankruptcy can be filed for an individual generally under a Chapter 7 or a Chapter 13. Bankruptcy can only be filed so often, so you must make certain that you do not file too soon or the case will be dismissed. It is years shorter to be able to file a Chapter 13, so if the time has not yet passed to file a Chapter 7, you should consider a Chapter 13.
Once the Bankruptcy is filed, an automatic stay will be in effect. This will prevent any collection efforts at all. It will also stop any lawsuits that fall under the Bankruptcy C