Thomas Jefferson filed bankruptcy.

Thomas Jefferson was the third President of the United States - and he filed bankruptcy.

Jefferson was of course a widely respected man. But he was almost constantly in debt. Jefferson filed several bankruptcies in his lifetime. His debt was huge in comparison to most individuals' bankruptcies today.

The point is, bankruptcy is nothing to be ashamed of.

If a person with Jefferson's abilities, credentials, aptitude and intelligence can repeatedly get himself into situations that require bankruptcy to solve, then it is certainly no negative reflection on you if you need to file a bankruptcy.

The bankruptcy laws are there for a reason. On the whole, they benefit both the debtors and creditors. It is of course important to be responsible for the debts you incur, but filing a bankruptcy is an act of responsibility. It puts you in a position to move forward, to become productive once again, provides closure, and pays your creditors from your non-exempt assets (or by other means if the court so approves in a Chapter 13 or 11 context). It is important to seriously explore bankruptcy as an alternative to struggling for years to no avail.

There are many factors to consider before filing a bankruptcy, but one of them should not be a guilty conscience.