It's common knowledge that many Americans are now in financial distress because of a lifestyle that the US could no longer sustain. Seven or eight years ago, many people were bragging about their summer home at the Colorado River and their winter ski getaway in Tahoe. Of course, this was all based on the over inflated equity of individuals real estate that allowed them buying power that was totally unsustainable. Some people didn't have the vacation homes, but bought a house that they could no way afford in their lifetime. Bankers and loan brokers told their clients there was nothing wrong with what they were doing and if they got in a bind, they cash out and buy something smaller. Everyone knows how this all ended with most of these people losing their homes to foreclosure. The ones that really got hurt are the ones that lost their jobs or their businesses and economic downturn when the real estate bubble burst. Having nowhere else to turn, a quick call to a bankruptcy attorney and they found out their only option was filing bankruptcy.
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Traditionally, Americans have prided themselves on their moral values and honesty. Many Americans filing bankruptcy have a battle going on in their mind on whether or not it is honest or immoral to file for bankruptcy. Sure, how they got there might've not been the most honest way, but now, there are no other options and that's what bankruptcy filing was created for. The media has done a good job letting us and our children know that being rich is more important than being honest. Living like a rock star has popped up on many reality shows, giving people an idea that that kind of lifestyle is okay in any one can do it. When these people put themselves in this extreme debt situation, filing for bankruptcy was probably the last thing they were thinking about.
Now that the problem is here, how do you fix the damage? Is filing bankruptcy immoral and an unpardonable sin? No, our God is a gracious God and understands that people are just about capable of anything. In the Bible, it speaks of forgiveness over and over again and this includes debt. In Deuteronomy 15:1-2 "At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbor shall release it; he shall not exact it of his neighbor, or of his brother; because it is called the Lord's release." In fact, this is another example of the United States being a Christian nation because when Congress created bankruptcy they allowed an individual to file Chapter 7 bankruptcy every seven years. This seven-year debt forgiveness shows the philosophical underpinning of Chapter 7 in the bankruptcy code. You can see the parallel between the Bible and American laws throughout history.
In a nutshell, there is nothing immoral about filing bankruptcy according to the Bible except when a person takes on debt with no intention of paying it back. This would be considered stealing. The topic of the bankruptcy stirs up many emotions. To name a few anger, guilt and despair come to mind. Sometimes talking with a bankruptcy attorney will allow a person to let some of the stress go when they find out they are not alone as many others are facing the same problems.
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