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Bankruptcy: A Patriotic Solution

Declaring bankruptcy frees up precious dollars and puts them back to good use in the economy, making it possible for us to buy the things we need, and a few of the things we want. Now the collection plate is full, the bellboy gets a tip, the hotels stay open and the parasailing instructor keeps his job. With the cash that's not being handed over to AMEX, Visa, MasterCard and your bank, we can start a new business, buy inventory, hire staff, advertise in the local papers and dry clean clothes to look sharp for the big presentation.

In most cases, bankruptcy will discharge the debtor's obligation to repay some or all of their debts. Therefore, bankruptcy considers the forgiveness of debt. Just as within Scripture, there is a balance in bankruptcy. Certain debts are not dischargeable in bankruptcy. These include child support, alimony, and debts involving fraud, drunken driving, and deliberate wrongdoing.