How does bankruptcy help? In bankruptcy, all of your debt is forgiven and then you are allowed to fresh start and then you will not be trusted with credit for about 10 years and the bankruptcy will going to record not being trusted with credit, if you are a bankrupt because of credit card debt is actually a good thing. You shouldn’t be trusted with credit, it s for you own safety you will learnt to live within your means. But bankruptcy is not the worst thing that can happen in life, the worst thing that can happen in life might be something like killing yourself because you are so far in debt, you are desperate or stealing thing and embezzling money because you are so desperate. Those things are much worst, bankruptcy while I know it feels incredibly painful and shameful while you are in it, all that happened is you let your spending get out of control and you got yourself in the financial trouble. Believe it or not, most millionaires who run millionaire business have a failed business in a bankruptcy behind them, because they have taken ventures, they have taken risks and something didn t pay off and they went bankrupt and now they are back with another company and this time they have learnt better, now they are able to make that company run and build into a multimillion dollar company. So bankruptcy is not that a big deal, on moral scale, all of the things that you do other than bankruptcy to try to get out of debt illegally or violently, those are the things that are really immoral.