I don't always agree with Suze Orman's financial advice, but this time I think she makes a lot of sense. Some people, if they just can't pay their debts, just stop paying and "bury their head in the sand" like an ostrich, hoping that it will go away.
Well, most of the time that doesn't work. And it can make it a lot worse. You can be sued and served with lawsuits, that turn into judgments, that can turn into your bank account or other property being seized.
Bankruptcy is a legal and honorable way to resolve debt problems, and it is there to help you. Yes, it harms your credit, but your credit can recover quickly so long as you don't continue to default on new debts. Bankruptcy is intended to give you a fresh start, a clean slate, and I have many clients that say that it was the best thing that they ever did.
So don't take my word for it, after all, I have a "financial interest" in you filing a bankruptcy case. Take it from Suze Orman, who is a widely respected financial advice expert.