Only you can answer this question. Once a Bankruptcy petition is filed an automatic stay will take effect. This automatic stay will protect debtors from all forms of collection letters, repossession, foreclosure, garnishment and lawsuits. However, it is important to note that Bankruptcy will affect your credit rating and your ability to obtain financing in the future.
Credit bureaus and lending institutions will generally have access to this information for 10 years. Regardless, you will have the ability to improved your credit rating during the years following Bankruptcy by paying your financial obligations as required by any lender.