The main advantage of filing for bankruptcy is getting out from under your debts. Once you complete your bankruptcy, you no longer have an obligation to pay any debts that were covered by the bankruptcy. No longer having to make debt payments means keeping more of your money each month, and your credit score will eventually go back up if you maintain good credit habits.
Bankruptcy also provides important protections against creditors. Once you file for bankruptcy, creditors cannot legally continue to contact you for payment outside of the bankruptcy process. They are also prohibited from trying to later collect debts that were discharged in bankruptcy. This can provide peace of mind even before you've completed the bankruptcy process.