That's the solution. It won't ruin your life. It may mess up your credit for a few years, but how many people in the situation have both good credit and will actually use it in the next few years? Hell, having bad credit may protect them from "predatory lending" we also hear about constantly.
Remember kids, if some areshole sends you a bill for hundreds of thousands of dollars that has little legal recourse for you to actually pay it. Don't.
"It may mess up your credit for a few years, but how many people in the situation have both good credit and will actually use it in the next few years?"
Clarification: Going bankrupt will be a mark on one's credit for the next 7 or 10 years. It may prevent someone from acquiring necessary loans to get a car, housing, opening a small business, and other things people consider to be advancing their life or career.
