I think that if a person is truly in over their head with financial problems, bankruptcy is not a bad way to go. It is abused and gets a bad rap, but really is a merciful alternative for those who truly need it. Yes, there are consequences of filing for bankruptcy, but I don't think they are worse than being in constant financial crisis. And credit is never a stagnant thing. Over time you can always rebuild it and get to a better place.
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