No, for several different reasons. The first being the bad press about bankruptcy comes from the credit card Companies. It is in their best interest to keep people from filing. Telling you several false things like:
a) you will never get credit again;
b) your interest rates will skyrocket;
c) you will never be able to buy a house etc.
They want to keep you and millions of others paying your minimum payments FOREVER! This is how their CEOs make millions of dollars a year. Off hard-working Americans paying their minimum balances forever!
The false things they push is FAKE! You can and will get credit after filing for bankruptcy (and here at HS&A, P.C. we help all of our clients rebuild their credit after filing – ask us how!) Your interest rates are probably not the best now if you are having financial strains, but with our credit rebuild program we give FREE to all of our clients we can and will fix your Credit Score. With eliminated debt and a re-built Credit Score you will be on your way to HOME OWNERSHIP in a short period of time!
Also, in the vast majority of bankruptcy filings, the person filing bankruptcy has already paid back the entire amount they borrowed plus a significant amount of interest by the time they file bankruptcy. So, even when you file bankruptcy, your creditors make a profit. Sounds crazy but it’s true. At some point you need to ask yourself, “Haven’t I already paid my debt?” And, “would I rather continue to pay on these debts for decades to come or use the money to save for retirement and give my family and myself the things we need and want?”
You are not a bad person, you have just been getting bad information from some very profitable, self-serving institutions.