My tentative advocacy of Chapter 7 (in hopeless cases) does not stand as a billboard for bankruptcy lawyers. My intent is to warn against the ill-fated, debt-repayment schedules that entrap so many people. Such folks continue to struggle financially for years, yet see no light at the end of the tunnel.
Remember, most reputable not-for-profit credit counseling agencies are funded by banks. Although these organizations employ dedicated people who would like to help you, their jobs depend on encouraging borrowers to elect partial debt repayment rather than Chapter 7. As to the disreputable for-profit and ersatz not-for-profit debt management companies, they reap credit repair fees by taking a slice of your monthly debt management payments. The debt counseling industry does not gain when debtors file Chapter 7.
If you are (or become) overwhelmed by debt, weigh your choices and select the one that advances you to where you want to go most quickly and surely.
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At least once in every person’s life comes a time when the need is great and the resources are few. It can be hard enough to make ends meet on a decent wage, but, when the times get tough and the money just is not there to meet the need, a person can easily despair.