In nearly twenty I have found that for most people, being in unmanageable debt is emotionally traumatic and depressing. Sleepless nights, constant worrying, wondering whether their wages will be garnished, their bank account emptied, car repossessed, house foreclosed, unable to pay the rent, fear of the embarrassment of others finding out, etc.
I usually stay in touch with clients after their bankruptcy and every one of them has reported how much better they feel, a sense of relief and an opportunity for a new beginning. Most say it was the best thing they ever did. I have never had a client tell me it was not a good idea.
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