The debts you incurred are yours to pay and you might not want anyone to be shafted by your inability to pay. This is an honorable way of thinking; however, it isn't the way you should think if you are drowning in debt.
Think about how much money a company probably spends to try to collect from you. The company might have representatives call you. They might send you demand letters. They might even send someone to your home. All of this costs money.
When you file for bankruptcy, the companies who hold your debts are notified that they can't continue to try to collect the money on your account. This means that the company won't spend more time on your account.
We know that it is a bit odd to think that you are saving the company money by filing for bankruptcy, but it is true. This is especially true if you know that you can't pay and likely won't ever be able to pay. Filing bankruptcy can help stop a cycle that continually costs the company money.
If you are considering bankruptcy, we can help you to evaluate your options. One thing you have to consider is what type of bankruptcy you will file. The liquidation bankruptcy, or Chapter 7, is one that is need-based and requires that you give up a lot of the assets that you have. This can be difficult, but the new financial situation that you have on the other side of the bankruptcy might be well worth the sacrifices you had to make to get there.