I would not file for bankruptcy!
Six years ago I was young and dumb and in a spot of financial trouble; maxed out cards, defaulted loans, trouble getting work, the typical story. It was a slippery financial slope that was getting steeper. The only thing I really had going for me at the time was that I was in the Navy Reserves. Some of the higher ups knew of my troubles and recommended that I talked to a particular Chief in the unit who happened to be a professional financial adviser on the civilian side. I explained to Chief my situation. After no deliberation at all he responds with, "Bankruptcy!"
Tap the breaks there Chief. I may have been 22 and financially irresponsible but come hell or high water the 'B' word would never be an option. My gut told me no and that's what I told Chief, "I'm not going to do that. I've seen what It's done to people and I will not subject myself to that kind of lifestyle."
Chief didn't appreciate my answer and my blatant refusal to obey him blindly and unquestionably. After the expected chewing I was back on my way. I was up my own creek without a paddle until one day it clicked: grow the 'lump' up and take some responsibility for where I've put myself.
Unreasonably long story short I coded a spreadsheet that I still use to this day for my budget. In that amount of time I straightened out more accounts than I care to list, paid off just as many and am on the path to owe nothing but a mortgage within the next 18 months. No bankruptcy needed. I'm sure I'd still be feeling the affects of that mistake. I trust my gut because it saves my butt.
