Is Filing Bankruptcy Immoral and What Does the Bible Have To Say?
"It is well-known that many Americans are currently in financial distress due to a lifestyle that the United States can no longer support. In the past seven or eight years, many individuals bragged about their summer property on the Colorado River and their winter ski retreat in Tahoe. Obviously, this was all predicated on the inflated equity of individuals' real estate, which gave them unsustainable purchasing power. Some individuals lacked vacation residences, but purchased a home they could never afford in their lifetime. Bankers and loan brokers advised their clients that there was nothing wrong with what they were doing, and if they found themselves in a bind, they should liquidate their assets and purchase something lesser. Everyone is aware that the majority of these individuals lost their residences to foreclosure. When the real estate bubble burst, those who lost their employment or businesses and experienced an economic downturn suffered the most. A quick phone call to a bankruptcy counsel revealed that they had no other recourse but to file for bankruptcy.Americans have traditionally taken pride in their moral values and honesty. In the minds of many Americans filing for bankruptcy, the question of whether it is honest or unethical to do so rages. Sure, they may not have gotten there in the most ethical manner, but now they have no other choice and bankruptcy was created for this purpose. The media has effectively communicated to us and our children that wealth is more essential than honesty. Numerous reality shows have featured individuals living like rock stars, giving the impression that it is acceptable and anyone can do it. When these individuals created this extreme debt situation, filing for bankruptcy was likely the last thing on their minds.How do you repair the damage now that the problem has occurred? Is declaring bankruptcy a transgression that cannot be forgiven? No, our God is merciful and recognizes that humans are virtually capable of anything. There are numerous references in the Bible to forgiveness, and this includes debt. In Deuteronomy 15:1-2 ""At the conclusion of every seven years, you must issue a release. And this is the manner of release: Every creditor who lends something to his neighbor shall release it; he shall not exact it from his neighbor or brother, because it is known as the Lord's release."" In fact, this is yet another indication that the United States is a Christian nation, as when Congress created bankruptcy, it allowed individuals to petition for Chapter 7 bankruptcy once every seven years. This seven-year debt cancellation illustrates the philosophical basis of Chapter 7 of the bankruptcy code. Throughout history, there are parallels between the Bible and American laws.According to the Bible, there is nothing unethical about declaring bankruptcy unless a person incurs debt with no intention of paying it back. This would be regarded as theft. The subject of the bankruptcy evokes numerous emotions. I recall anger, remorse, and despair, to name a few. When speaking with a bankruptcy attorney, a person may be able to release some of their tension when they realize that they are not alone and that many others are experiencing the same problems.
" - https://www.affordablecebu.com/
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"Is Filing Bankruptcy Immoral and What Does the Bible Have To Say?"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 31 May 2023
and updated on 31 May 2023