Automatic Stay - When you file bankruptcy, you are protected from your creditors. They are legally prevented from pursuing you for debt collections.
Stop a foreclosure Sale – The automatic stay will stop most legal actions including a foreclosure sale.
Get back a reposed Vehicle - If your car or property has been reposed, the automatic stay will let you recover it to either get current on payments or at least keep it until the automatic stay is terminated
Stop an Eviction - You could even stop an eviction at least temporarily if it is related to non-payment of rent. In a chapter 13 you could actually get caught up on your rent to keep your home.
Eliminate Debt - With Chapter 7, you can eliminate all eligible debt. While there are some types of debt that are not eligible for elimination, you can get rid of most or all debts. Chapter 13 and 11 may allow you pay less than you owe through a repayment plan.
Keep Your Assets - Many times you can keep your home, vehicles, and other property. Even business can keep their assets normally.
Restructure Debts - With a Chapter 13, you can make manageable debt payments for 3-5 years. This lowers your debt burden dramatically. Under the CARES act this can be expanded to 7 years for the next year.
Fresh Start Financially - You no longer York just to pay back creditors. You have extra money in your pocket again.