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What are the advantages to filing for bankruptcy?

Foremost among the advantages in filing for bankruptcy is the ability of a debtor to get a fresh start by having many of those crippling debts discharged or reduced. Furthermore, filing for bankruptcy kicks in an automatic stay; this stops creditors from harassing the debtor directly, through phone calls or letters. And although filing for bankruptcy will negatively affect your credit, trying to pay off debts you are unable to pay, missing payments, and delinquencies can have the same affect, and can often affect your credit report for just as long or longer. Filing for bankruptcy may allow you to start all over much sooner and with a lot more peace of mind.