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If you have no assets and lots of debt why not just file for Bankruptcy?

So I'm in a situation and want to know what you guys think: I have a low-paying job but I'm doing pretty alright– aside from the massive credit card and personal debt I'm carrying. I'll be honest, I didn't need the credit cards and I certainly didn't use them responsibly. The loan I took out did help me move across the country which was nice and needed. Now, here's where I am: I'm 27, working the shitty little job that I don't mind, with a mountain of debt, and no assets. Not even a car. I racked up debt because I was a bit of a drug addict and very immature. Now that I'm clean and more mature I'm becoming stressed about my debts. Then I thought” Why don't I just file for bankruptcy? Isn't that what rich people do when they make horrible business mistakes?” I read all about…


So I'm in a situation and want to know what you guys think:

I have a low-paying job but I'm doing pretty alright– aside from the massive credit card and personal debt I'm carrying. I'll be honest, I didn't need the credit cards and I certainly didn't use them responsibly. The loan I took out did help me move across the country which was nice and needed.

Now, here's where I am: I'm 27, working the shitty little job that I don't mind, with a mountain of debt, and no assets. Not even a car. I racked up debt because I was a bit of a drug addict and very immature.

Now that I'm clean and more mature I'm becoming stressed about my debts. Then I thought” Why don't I just file for bankruptcy? Isn't that what rich people do when they make horrible business mistakes?” I read all about Chapter 7 and the pros and cons and for a guy like me, it seems like all pros.

I won't be buying a house or getting a car anytime soon so fuck my credit. And for my savings, I won't have to keep making those shitty payments every month and I'd have SO MUCH MORE liquid cash. So is there a pride thing about not filing or something?

If I want to get out from under the thumb of our evil capitalist overlords shouldn't I start my cutting my relationship with their creditors? At least until I build it back up and can be responsible with it (Or not. I know you guys don't like Dave Ramsey but he sure as shit doesn't like credits and loans, which I admire)

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