I heard that President Trump declared bankruptcy 2 or 3 times. He’s a billionaire now.
Exactly. Although obviously people should try to avoid getting into a situation where bankruptcy might be needed, it is a legitimate legal tool. Corporations do it. Mega rich do it if they find themselves in financial trouble. And non-wealthy people do it. On average, there are over 2000 bankruptcies filed every day in the United States.
Yes it will screw up your credit score and haunt your credit reports for years, but if you need it, you need it. And life really does go on afterwards.