Bankruptcy is one of the oldest legal rights in our system of law and is required to be filed electronically with the federal courts. It is designed to free people from a hopeless financial situation that may or may not have been their fault rather than make them suffer the rest of their life. There are several types of bankruptcies for different situations. You may have heard of Chapter 7, Chapter 11, or Chapter 13. These are the most common types of bankruptcy. One of the most important aspects of a bankruptcy is the automatic stay or court order that immediately takes effect upon filing. This court order stops employer garnishments, creditor harassment, repossessions, IRS & Bank levies, lawsuits and foreclosures and gives a person time to try to retain as many assets as possible. Bankruptcy is complicated, so it is important to seek the advice of an experienced bankruptcy attorney.