There are certainly a lot of negative aspects to being in this situation, but there are a lot of pros to filing for bankruptcy once you’ve gotten into a situation to be considering it.
Your creditors will stop calling you. Chances are that you are well aware that you owe money–but creditors are still calling you, constantly. This will stop once you file.
You can stop focusing on your past problems. You’ve probably been pretty focused for a while on trying to fix these problems, but you can finally let go of that move on–this will be a huge relief. There will still be much to do, don’t be mistaken about that, but at least it will be moving forward instead of constantly looking back and being stuck.
Instead, you can start focusing on rebuilding your finances. This will be difficult, but at least it’s in the right direction. It will take a while to build up a decent credit score and be able to make any big financial moves again, but at least you’ll be moving forward. Staying stuck in the same situation, and possibly digging yourself into deeper trouble, will certainly not be moving you forward, and probably will only be delaying the inevitable and taking longer overall.
Often while we’re trying to put off having to file for bankruptcy and make such a big decision, we end up getting further behind and racking up more debt. Once it’s gotten to a certain point there may be no other way out. By filing for bankruptcy you can get out of the situation, start moving forward and building a new life instead of letting this drag on further.
While it is certainly a hard decision to make with many downsides, there are a lot of pros to filing for bankruptcy.