I am always confused by the statements of people who use terms such as bad, immoral, stupid or some other derogatory phrase to describe someone who has filed for bankruptcy. These are the same people who think that Delta, General Motors and Hostess Cupcakes did the smart thing by filing bankruptcy. These and many other businesses take a cold hard look at their financial obligations and make the decision that the business cannot continue with the current liabilities owed. People then say that filing bankruptcy was the smart thing to do and it saves the jobs of many people and the lives of many families.
My question to you is similar. If you cannot pay your bills, but, keep trying, who are you helping? The creditors for sure, but, are you helping your family? The strain on a marriage where the finances are bad is horrible. Do you really intend to deprive your children, your spouse or yourself so you can pay your creditors? Even if you deprive your your family and yourself, will you have enough money to make the creditors happy?
The companies I mentioned at the beginning are some of many that have successfully reorganized. There are many other companies that have not been successful in their attempts to reorganize.
These companies did not let embarrassment or fear of what others might say keep them from making a tough choice. These companies knew that if they continued on their present course of action, the company would be out of business. Are you going to make the decision to stay in business or go out of business?