Bankruptcy is seen as a bad thing by a lot of people, but that, in my opinion, really doesn't mean anything. The reason why someone is going to file for bankruptcy is because it is the best solution to the problem that they are in. No body wakes up in the morning time and wants to file for bankruptcy, it is just a situation that they find themselves in and bankruptcy just happens to be the best solution for that financial problem. So is bankruptcy a bad thing? It is sort of in the eyes of the beholder. Your parents or grandparents are going to tell you not to file it, but they also lived in a different world from the world that we live in right now. A lot of times when people are making the decision to file bankruptcy, they are supposed to think of it more as a business decision which makes perfect sense, because you are dealing with a personal informational financial statement. Essentially this boils down to your assets and your debts. It has nothing to do with the way you were raised or the way you were brought up, but people bring that into the situation and they are humiliated because they feel that they shouldn't, that by filing for bankruptcy that somehow they are targeted as a loser which couldn't be any further from the truth. The reason that you are filing for bankruptcy is because you need help.