A fresh start is recommended by a financial columnist and author. Helen Olen answered a shame about bankruptcy question at “Ask the Bills,” the personal financial advice column at Slate.com. Link here:
The advice seeker had some personal struggles and made some questionable decisions; a personal bankruptcy followed. The advice seeker asks, “How do I tell people not to pity me when they find out I filed for bankruptcy.”
It sounds like the advice seeker did a Chapter 13 bankruptcy which typically involves paying back secured debts over a 3 to 5 year time plan while on a strict budget imposed by the bankruptcy judge.
I liked the answers from Ask the Bills columnist Helaine Olen, “You’re using bankruptcy exactly the way it should be. The law permits us a fresh start after we get in over our head financially. There is no bankruptcy clause that says you need your friends’ and neighbors’ approval.” Olen emphasized the fresh start aspect, how debt can be onerous beyond reason, and we don’t need our friends and neighbors approval for a bankruptcy.
Lastly she holds Donald Trump’s four business bankruptcies up as a role model; personal or business, it is often the “smart” thing to do.