Is bankruptcy helpful financially apart from solving debt problems?

It is up to your financial situation. If you can pay a part of your debts, then go for debt settlement option and negotiate with the creditors. Filing bankruptcy may be costly. I would recommend that you discuss your problem with an experienced attorney in your locality.

It actually depends on your financial situation. The best is not to incur so much debt that is difficult to pay off.
However, if you can repay a portion of your outstanding debt, then you can opt for settlement.
But if you can't do that, then filing bankruptcy is a suitable option.
Don't worry about the stigma; it's ultimately your financial situation and it's up to you how you want to handle it.
if after getting discharge from bankruptcy, you manage your financial life in a better way, then you'll be happy and have a good financial life.

If you are unable to pay off your debts, then you can consider settlement. It is good to reduce the total amount of debt. Bankruptcy should be the last option to get out of debt since it hurts credit score severely.

Bankruptcy is a good option but it has lots of legal hassles. You have to hire a bankruptcy attorney. You have to pay his fees. You have to pay a bankruptcy filing fee. Plus, you have to pay a fee to the bankruptcy trustee. So many things are involved in this. You have to also the means test to qualify for bankruptcy. This is yet another hurdle. You have to list all your assets also, So think wisely.