Bankruptcy...the good cop/bad cop of the financial world.

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It's no big secret that our economy is becoming pretty scary and that to earn a living is getting harder and harder. Staying on top of bills and loans and all kinds of payments can be really tough, especially if you've made bad choices when you were young. Choices that you will be paying for financially for the rest of your life...and then some. Bankruptcy...friend or foe? It's there to give a person a completely fresh financial start, but you could potentially lose so much in the process. What do all of you think about bankruptcy? Should a person feel embarrassed to claim it, or accept the fact that he/she has made many mistakes in life and deserves to be debt (stress) free?