Imagine that after you graduate from college, you carry a massive amount of student debt into your professional life. But that's okay to a certain extent -- because you are able to find a job relatively quickly in a good industry that pays very well. For years, you are able to keep up with your debts and payments, building a life that you enjoy. This is the ideal life that many people would want.
However, let's say that after a few years of this stability, you suffer a medical emergency. Or you have to sink a lot of money into a financial emergency. As a result, that stability you once had is gone. You rack up immense credit card debt -- on top of the student debt you are still paying off -- and you can't pay it off. The interest keeps racking up, and the debt never goes away.
Eventually you hit a point of no return, so to speak. You know you have to file for bankruptcy, and so you do.
There is an important lesson to learn from this situation: even though it may seem as though filing for bankruptcy makes this person a "failure," the opposite is actually true. Filing for bankruptcy, and doing it the right way, is a mature and needed response to immense debt.
Continuing the downward spiral of debt will only stress you out and leave you in a worse position. Dealing with the debt -- and discharging your unsecured debts -- is an important step to take. If you are in need of help in this regard, please consult with Bryan P. Keenan & Associates.