Many people grew up believing there is something inherently wrong with anyone who files for bankruptcy. What if you are reaching that point yourself? Does that make you irresponsible? Should you feel guilty?
No. People from all walks of life file for bankruptcy, and in most cases, it is through no fault of their own.
Filing does not mean you are irresponsible or of poor moral character. It means you were unlucky.
We cannot all secure well-paying jobs with free health care. We cannot guarantee we will never suffer devastating injuries, lose our job or have a natural disaster wipe out everything we own.
Many people live in a finely balanced financial situation, and it only takes one event or a series of smaller events to throw it out of balance. Once you are in debt, it can be incredibly hard to get out of it. Lenders make it that way. They want you to stay indebted to them, so they profit from the interest and late payment fees you make.
Bankruptcy may be your most realistic option
Yes, you could take out another loan. Yet, you could transfer your credit card balance to a new card. Neither of those removes the fact that you still owe more money than you can afford. Typically these measures just allow you to delay things a little. So unless you know you have a large inheritance, bonus or pay rise coming soon, these measures probably will not help. Bankruptcy might.
Clearing some or all of your debts gives you a realistic chance of a better financial future. The first step is to find out more about how bankruptcy works and how it could help you.