In America you have to pay for bankruptcy. I shit you not. The nasdaq has a handy guide for how to afford your bankruptcy.

Basically, not only does the application process require a fees (and lots of your time), getting an attorney will also cost you money. Money and time, which are famously things people fleeing from massive climate disasters have a lot of.

It would, but bankruptcy is quite a process (thanks, Brandon).

Also, your credit is wrecked for 7-10 years after a bankruptcy.

Source: close relatives went through bankruptcy, and I had to shepherd them through parts of it, particularly the initial gathering of documentation