Filing for bankruptcy relief is a major step. It is a repair of last resort when other attempts to get a handle on your debts have failed. Although the process can be scary and confusing, with the right guidance your bankruptcy filing may very well end up improving your credit score, helping you save more for retirement and protecting your assets including your savings, your car and your family home. Here is an article from the Palm Beach Post from March 2, 2015 that makes the arguments in favor of filing for bankruptcy relief very clearly: