The ultimate benefit from filing is that your debts can be completely wiped away.
Filing bankruptcy can give you some immediately relief from your creditors, who are prohibited from contacting you once you file.
This can stop repossessions, foreclosures, pending lawsuits, IRS seizures, evictions extra… as long as a state court has not yet entered a judgment or an eviction.
Usually your home and car are protected by your state’s homestead exemption laws up to a certain amount.
Don’t let institution take over your life!