what are the pros and con for bankcruptcy protection

Chapter 13 bankruptcy is the answer for you. This will stop the garnishment on your wife's paycheck and allow you the time to pay off all the bills as you would like to do. A chapter 13 bankruptcy allows you to have a repayment plan of 3 to 5 years to repay any deficiencies on your secured debt or your unsecured debt. And while under Chapter 13 the automatic stay from the bankruptcy code will be in effect, which will prevent creditors from attempting to collect from you while you were in chapter 13 bankruptcy. Chapter 13 bankruptcy has a repayment plan, that you make your normal monthly payments to your creditors and within the plan you pay back any overdue payments stretched out over a three to five-year. Depending on the plan that the bankruptcy court confirms for you. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147