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The Morality of Bankruptcy
I admire my clients. Many of them are facing one of the stressful times in their lives. Most have fought for years to avoid a bankruptcy. I have seen more grown men cry than I like to count.
Most of my clients struggle with the moral and ethical dimensions of filing for bankruptcy. To some, bankruptcy is not just a financial failure, it is a moral failure as well.
His full article may be read here
Perhaps a more pragmatic take was expressed in The New Yorker
(April 13, 2009). The author, Jill Lepore
, argues that the very success of our financial system depends on the "release valve" of bankruptcy.
"The idea that debt is necessary for trade, and has to be forgiven, is consequent to the rise of a market economy. Americans fought to provide the same debt relief to everyone because we believe in equality and because bankruptcy protection makes taking risks less risky. Our willingness to forgive debt lies behind a good part of our prosperity."
To sum it up, there are historical, ethical, and economic reasons for why we have a bankruptcy code. Like all tools, there is a potential for abuse. However, for those with good motives, bankruptcy relief can be a life saver. One of my greatest satisfactions is to counsel my clients through some of their worst times and to then see them thrive and grow following the bankruptcy process.
Areas of Focus Include:
- (Chapter 7 and Chapter 13)
- Business Bankruptcy
The Alta Law Group is a Debt Relief Agency. We Proudly Help People File for Bankruptcy. We are .
This website is intended to provide general information and is not intended to serve as legal advice regarding specific factual situations. Information should not be acted upon without personal legal advice. Neither viewing the information on our site, nor sending us an e-mail establishes an attorney-client relationship with The Alta Law Group or its Attorneys, Eric Singleton and Mike Bringhurst.