Personal bankrupcy: Worst decision ever or best thing you could've done.

I’ve known a few people to declare bankrupt. It wasn’t the end of the world. Being up to and beyond your eyeballs in crushing debt with outrageous interest sure feels like the end of the world.

Perhaps not being able to pay means being able to be someone else by starting fresh. Or, maybe it’s a nightmare of court hearings and lectures by officious bureaucrats and petty officers whilst a black mark tarnishes your credit history.

Thoughts?