Bankruptcy should typically be exercised as a measure of last resort.  However, if you lack the financial ability to pay your obligations it may be an appropriate option.  That entails Court ordered protection from your creditors' ability to collect upon the balances due.

Relief in a Bankruptcy proceeding is immediate.  When the case is filed the Federal Court will issue a Restraining Order, called an Automatic Stay, which will end all further collections activities, whether lawsuits, garnishments, bank attachments, emails, phone calls, and/or billing statements.

The Stay remains in effect during the pendency of proceedings, and at successful completion of the case you will ultimately receive a Discharge.  That is a Court Order that releases you from the liability of having to pay your eligible creditors.