Most people believe that bankruptcy represents rock bottom, but I disagree. I believe that bankruptcy is the vehicle that allows you to recover from rock bottom. If you are suffering from a financial meltdown, and you do not have a clear path out of the chaos, your financial situation will likely not improve in the coming years. You will face the constant pressure of having creditors breathing down your neck. You will worry about whether your utilities will be turned o for non-payment. You will cringe every time the phone rings.
When you declare bankruptcy, though, you get to make choices without this constant pressure. Your life feels easier because it is easier. Your responsibilities become more manageable.
Here is the truth: If your bills are piling up, and you have no way to pay them, bankruptcy might be the best vehicle available to you. It gives you a chance to wipe the slate clean and start over.
In other words, you will not recover from bankruptcy; you will recover through bankruptcy.