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Questions of morality are difficult to answer outside of the framework of your own religious convictions. However, from a lay perspective, bankruptcy is certainly legal. Consider this fact: over 91% of people filing for bankruptcy have suffered a job loss, a medical event, or divorce.

Those who fraudulently file for bankruptcy are breaking the law. Those with legitimate cause to file are following the law, which humanely allows for a clean slate when debt threatens to make life untenable.

Certainly, one should not rely on bankruptcy, but it is reassuring to know that debt relief is available when it is desperately needed. In the past there were debtor's prisons, and people would actually be jailed for being unable to pay their debts.

Another thought to consider is whether it is moral of credit card companies to charge the interest rates that they do, and to rarely consider lowering rates or payment amounts for individuals unable to keep up, financially.

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15y ago

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