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It isnt easy making the decision at all. On the bright side. Once DC'd. You'll have so much more $ to actually get the student loans paid off. Put some $ in a savings account. It isnt the end. Just the beginning. Recovery can happen. Takes time. My signature below is to show what can be done after BK. Not to brag. It can be done. GL! Keep us updated.
Fear Not! I did it with much apprehension and embarassment almost 5 years ago. But in doing it there was so much relief that things were dealt with once and for all (calls and worry stop). The awesome up side is that there is life after bankruptcy and it starts immediately after discharge. It is up to you to make the best of your second chance in the credit realm by making smarter, more responsible financial decisions and knowing your limitations.
You cant stop a hemorrhage with a bandaid. Your brother is right. And, as you can see, there are so many of us who were, not so long ago, where you are. So forgive yourself, do it now, and start the new year fresh. Good luck. Choose your credit offers and spend wisely during your rebuild.
I understand how how feel. I also had a failed business, and lost my house of 16 years as a result. I also burned a longtime friend who loaned me $10k to keep my business going by including him in my BK. I am still going to pay him back someday, but at the time I had no choice but to include him. Bankruptcy is a business decision, plain & simple. It took me a long time to get past that, as I felt a total failure to my wife & kids after losing the house. Once your case is discharged you can start over and hopefully never repeat the mistakes that got you into your current situation. Good luck!