Bankruptcy is usually something that happens to people. It isn't something they actively choose. Most people have too much debt in this country. In many ways, debt is the American way unfortunately. Over almost 10 years of practicing law I've seen people from all walks of life--lawyers, doctors, bankers, teachers and construction workers--file bankruptcy.
The primary reasons for bankruptcy are as follows: loss of a job, medical debt, divorce, hours getting cut back or some other unintended financial crisis. Usually it is a combination of all of these. It is rarely caused by a frivolous, libertine lifestyle.
If you feel you may need to file, don't feel bad. It may be the best decision you ever make.