The primary benefit of filing for bankruptcy is the time and freedom it gives you to regroup. Your creditors can be prevented from foreclosing or repossessing your property, calling you, sending you mail, or suing you. You will have the time to relax, breathe, and assess your finances. After filing, you will have time to take stock of what you need and what assets you want to keep and to plan your financial path to a brighter future.
Once you file for bankruptcy, your creditors cannot legally take any further action against you. Filing prohibits creditors from even attempting to collect any debt, and it stops current garnishment of your wages. It can help you maintain generational wealth by keeping your home. In addition, your creditors are required to deal directly, and only, with your attorney. By understanding the resources available to you, you will be able to formulate a plan to achieve your desired outcome.