A chapter 7 bankruptcy is a way to legally wipe out most types of debts (subject to certain exceptions). Only a bankruptcy filing will immediately stop your creditors from harassing you — and stop them from going forward with lawsuits or judgment enforcement, such as wage garnishment or bank levies. It will also stop any pending wage garnishment. . Bankruptcy, on the other hand, gives you relief from your debts and a fresh start whether your creditors agree or not.