There is a widespread myth out there that filing for bankruptcy is a bad thing. That somehow it makes you a burden on society. This guilt or sense of duty is what keeps many people struggling to pay debts they simply cannot afford to meet, however hard they try.
While it is important to have a sense of responsibility, you also need to be realistic. Maybe you made a mistake with your money, but people make mistakes in everything. It does not mean you should let your mistakes dominate your life forever.
Or, maybe you did not make a mistake at all. It’s just the system is unfair. There are plenty of countries that offer free healthcare and free college education, where no one is ever burdened by huge debts for those two things.
Starting again may allow you to contribute more to society
The world is full of people who could have gone on to do great things, but they never had the chance because they were too busy trying to pay back their soaring debts.
Banks and other lenders are doing very well from your debt
Lenders understand full well that paying back loans or credit cards will be too much of a challenge for some people. They’ve budgeted for it and decided it is a risk worth taking. Figures for 2020 show the credit card industry made $176 billion, so you should not feel guilty if you cannot afford to pay them back.
Getting legal help to find out more about how to file for bankruptcy is a positive step, not something to be ashamed of.