Virtually every industrialized country in the world has the option of filing bankruptcy as a method of financial relief.
Bankruptcy is the necessary safety valve in the free market system.
Without bankruptcy, people that are over their head financially would give up or become part of the underground. Society will benefit by your bankruptcy, as you will be able to become a productive citizen again and spend your money locally. It is not a crime to not pay your bills, you cannot go to jail for failure to pay your bills. Bankruptcy is Federal Law of the United State of America. This is how it is done.