Bankruptcy is a gut-wrenching experience that most people would rather avoid if they could. It is not easy. And it is not immoral. Bankruptcy is the law of this land, not a gimmick or loophole. Bankruptcy is a law enacted by the U.S. Congress called Title 11, U.S. Code (Bankruptcy Code), pursuant to the U.S. Constitution (Article 1, Section 8). Although there are those that may sneer at this, the fact is, bankruptcy is the law provided to the American People to deal with situations where a person finds that they owe more money than they can afford to repay.
Is it wrong to claim bankruptcy? It is no worse and no better than claiming all of the deductions and exemptions on your tax return that you are entitled to claim. You are not required to claim them, you are ENTITLED to. Likewise, you are ENTITLED to claim bankruptcy if you owe more money than you can reasonably afford to repay.