 TITLE: What to Know About Filing Bankruptcy CONTENT: What Happens When Declaring Bankruptcy?\n---------------------------------------\nIf you're struggling financially, bankruptcy gives you the opportunity to pay down a portion of your debts over time or have some of them eliminated entirely.\nEither way, declaring bankruptcy grants what's called an automatic stay, which is essentially a block on your debt to keep creditors from trying to collect. They can't deduct money from your bank account, garnish your wages or go after any of your other assets.\nYou'll then have time to work with the court and your creditors to determine the next steps. END