Penn sells a bail-less replacement kit. I remember it is not cheap so you might want to try the last suggestion about pulling your line.
OR...
Maybe you are not using heavy enough lures. I know most Penn SS reels got problems with fireline and powerpro. It is the bail part that is too small for the line and the spool is uneven.
Here is info I found online somewhere, forgot where, but it may help you.
Penn 5500ss has an automatic bail - this can be converted to a manual bail that will stay open until you flick it shut by following these steps:
1 - go the the Penn web site (
www.pennreels.com) and print out a parts diagram for the 5500ss.
2 - Find part 28 (Trip Lever).
3 - Remove the Bail Trip Cover.
4 - Take out part 28 and replace it with a stainless steel washer of the same diameter and thickness.
5 - Be sure to put 28B (Trip Lever Bushing) back on top of the washer.
6 - Replace the Bail Trip Cover. You will now have a manual bail.
CAUTION: Laying the reel on its side when taking off Bail Trip Cover reduces the chances of the Lever Spring popping off.