This usually involves a pay back plan of 3-5 years. Any bills left after that time which are non-exempt are often wiped out by the courts. This will be on your credit report for 7 years. Bankruptcy can help in several instances. Bankruptcy will stop forclosure and repossession proceedings.
Bankruptcy can stop the garnishment of wages.
Bankruptcy can get you a fresh start. Bankruptcy is deleted from the credit reports. However, bankruptcy is a public record available for viewing for literally the rest of your life. Federal tax debts, alimony, maintenance, child support, divorce settlements, student loans. Sometimes yes, but it depends on the equity in these assets, which chapter of bankruptcy you choose, and whether the items are pledged as collateral.