Being in debt is a horrible feeling for many people, especially when they know they can't cover the bills. Individuals who opt to file for bankruptcy might assume that they are going to feel elated when they are able to do away with those debts. This might not be the case, however, as many people find some negative emotions creep up when they file.
Some people worry about the societal stigma of filing for bankruptcy protection. While this was a consideration in the past, it really isn't these days. Updates to the bankruptcy codes have made changes to ensure that only those who truly need the fresh financial start are able to move through the process and many people have already been there.
You may feel as though you're letting your creditors down. This isn't the case. Filing bankruptcy is a responsible way for handle debts when you realize you simply can't repay them.
Another concern many people share is that you're going to be severely limited financially for a long time. This might be the case if you're filing a Chapter 13 since you'll have three to five years of repayments to make before your bankruptcy is discharged. When you file a Chapter 7 bankruptcy, however, it doesn't take very long to get a discharge. At that point, you'll be able to start rebuilding your credit, just as others before you have done.
Ultimately, filing for bankruptcy is a decision that you have to make based on your circumstances. If you opt to file, be sure you focus primary on the practical matters of the case. Just don't neglect to think about the emotional ones, too.