When you hear the word “bankruptcy,” you might think of someone who has spent their money without thinking. Some people assume that they got to the point where they are because of their own mistakes.

The reality is that everyone who files bankruptcy has a different reason and different story. Some ended up in deep medical debt. Some have disabilities. Others spent in ways that weren’t wise. The most important thing to take away from this is that bankruptcy can happen to anyone.

Bankruptcy may not be what you want to do, but it does have some benefits if you’re struggling with debt. Five benefits include:

1. It stops harassing phone calls from creditors.

2. Old tax liabilities (usually three or more years old) can be dismissed and discharged.

3. It gives you a fresh financial start with little or no debt remaining.

4. Exemptions allow you to keep some assets, so you don’t have to start over from scratch.

5. It helps you get started on rebuilding your credit right away.

These five benefits speak for themselves. You won’t have to worry about what happens when you answer the phone, and you don’t need to be worried that you’ll have no assets left if you enter into bankruptcy. Depending on the type of bankruptcy you choose, you might even get to keep everything you already own while addressing your financial difficulties.

With bankruptcy, it’s possible to resolve the problem of an unbalanced bank account and excessive debts. The bankruptcy process takes some paperwork and time, but they can be well worth the trouble.