Contrary to what many may assume, filing for bankruptcy can have its advantages. Bankruptcy may have negative implications, but for some it might be the best option. It can even come with positive effects depending on your financial situation. If you are suddenly faced with debt you’re not able to pay, filing for bankruptcy can actually ease your financial burden. It has the ability to end wage garnishment, as well as stopping foreclosure and repossession. It can end harassment from any creditors who routinely try to contact you.