Is Bankruptcy a Crime? What Does the Bible Say?

Is Bankruptcy a Crime? What Does the Bible Say? "Over the past two decades, bankruptcy has been associated with a negative connotation that has led many individuals to believe that those who file are dishonest or unscrupulous. Due to this stigma, few people examined the true causes of bankruptcy and why the majority of people are forced into it. When filing bankruptcy to eliminate debt, the majority of people experience a flurry of negative emotions, such as embarrassment, humiliation, and guilt. Due to these emotions, individuals begin to doubt their own morality and almost consider bankruptcy a crime. The last time I checked, debtors' prisons had been abolished by the middle of the nineteenth century. In spite of what the creditors may want you to believe, bankruptcy is not a crime.Those who query the morality of declaring bankruptcy need look no further than the Bible for guidance. It is true that the Bible makes it abundantly plain that individuals are responsible for paying their debts. However, there are a number of considerations, and the Bible strikes a balance between the moral and legal obligation to pay your just debts. Also included in this requirement is the periodic cancellation of debts. This is supported by examining the sabbatical and Jubilee years. Deuteronomy 15:1-2 makes it plain that you must grant a release every seven years. And this shall be the manner of the release: each creditor shall release the debt owed to him by his neighbor, his brother, because the Lord's release has been proclaimed. In fact, Congress enacted the bankruptcy code on this basis in order to terminate and restructure debt obligations in the United States. Originating from this, every seven years a person could apply for Chapter 7 bankruptcy. This was the case until 2005, when the bankruptcy code was amended to alter the interval to every eight years.The Bible speaks emphatically about the legal right to terminate debt and even more emphatically about the prohibition of usury and excessive interest. In modern times, credit card companies charge interest rates close to 30 percent, and payday lenders have been known to charge interest rates of 1,000 percent. I believe that this is what it refers to, as this behavior is the cause of the bankruptcy of many Americans. Recent research indicates that the average American is only three salaries away from declaring bankruptcy. This can be ascribed to a person with excessive credit obligations. According to a second study, the average American's ratio of income to consumer debt is now 154%, proving the validity of the first study.The new bankruptcy code signed into law in 2005 lacks compassion for the impoverished and takes no action against contemporary money changers who charge exorbitant interest rates, plunging the struggling middle class into an eternal financial abyss. The new law makes it more difficult to file for Chapter 7 bankruptcy and increases the likelihood of Chapter 13 failure. Numerous households are destroyed by debt problems and financial destitution. The bankruptcy process should not be abused, but it should be simple for those who need to use it. Because the family unit should be elevated and safeguarded at all costs, filing should be simplified for families. It appears that our politicians are more concerned with assisting their Wall Street friends than their constituents.A person experiencing financial difficulties should not feel guilty about declaring bankruptcy. When large corporations want to purge their books or have made poor investments, they file for bankruptcy or receive government assistance. It is excellent business for them, and we should see it the same way. Consider it the government bailout you never received.
" - https://www.affordablecebu.com/