The protection available to you when you file bankruptcy is immediate and automatic. The moment you file, whether it is a Chapter 7 or a Chapter 13 bankruptcy case, the court places you under it’s protection. Both your income and property are completely sheltered from any creditor seeking to repossess, foreclose, garnish, or seize them. The court refers to this as “The Automatic Stay”. Any and all collection attempts against your income or your property must stop. If a lawsuit has been filed, it must cease. If a judgment has been issued and a subsequent Writ of Garnishment has gone out, it must cease. If the repossession order has gone out, efforts must cease. If the foreclosure date has been set, it must cease. Also, creditors must stop calling you, sending you letters, calling your family, etc. The Automatic Stay is known as “the protection that halts any and all creditor collection activity”. For more reasons why you may not want to wait, click here. Bankruptcy was created to protect you, your income, your family, and your assets – to ensure that you have the means with which to begin again if financially necessary to do so.