Many people feel guilty or ashamed even considering a bankruptcy filing. And it’s understandable–no one wants to borrow money and not repay it, and no one wants to admit that they’ve gotten themselves into a situation that they can’t find another way out of. But most of the time, people end up filing for bankruptcy because of circumstances beyond their control–loss of a job, illness, divorce, a business venture that didn’t quite pan out. And helping people in situations like these is exactly why bankruptcy exists.
The law recognizes–and has since the time of the Founding Fathers–that sometimes things happen that make people unable to pay their debts. And when these things happens, people deserve a second chance. It’s better for everyone if people are able to invest in their futures rather than spin their wheels trying to make up for the past. And in fact, your creditors have already factored in the risk of non-payment when deciding what interest rate to charge. Why do you think they charge such high rates? Though filing for bankruptcy might be a difficult thing to do, it’s not wrong–it’s not wrong to make use of the help the law offers.