For most, it is a gentle sigh of relief.   In the world of high-pressure finance and debt, bankruptcy is like divine intervention.  You can literally stop the clock on virtually all creditor activity.  With a few keystrokes on a computer, your bankruptcy petition is filed electronically.  It will stop repossessions.  It will stop foreclosure sales. (You can even use bankruptcy to modify your mortgage under the watchful eye of the bankruptcy court.)

You can silence harassing creditors from phoning you or dunning you with payment demands.  You can force judges to put down their gavels and proceed no further against you, if you are involved in any litigation (limited exceptions apply for certain domestic/family matters).

Bankruptcy is a way to give you a fresh financial start. A second chance.

Disclaimer: The Law Offices of Michael E. Zapin is a debt relief agency and we help our clients file for bankruptcy relief.