Living Free of Debt
It is possible and it is legal.
A very wise man once said, "The borrower is the lender's slave." This is a true statement because to the extent that the borrower is in debt, his work is for the benefit of another. Like slavery, debt is oppressive and especially frightening if one lives in a state that does little to protect the assets of its citizens.
In Texas, we are fortunate to live under a structure of laws that provides a significant safety net for those who have suffered financial misfortune.
The window of the Chapter 7 discharge is smaller now, through the efforts of the money lenders. But it is still there. For many people it opens only momentarily. To fail to take advantage of it when it is open is at once both admirable and foolish.
It is fear of the unknown that creates a quiet panic and moves people to make irrational decisions. But the landscape of lawsuits, debt and insolvency is very clearly spelled out and need not be a dark shadow. And, if you live in Texas, it need not be fearful. But it does need to be addressed.
Honest bankruptcy is not wrong.
There are laws written for the benefit of creditors and there are laws written for the benefit of debtors. The creditors are certainly reading the laws that they can use against their debtors. The debtors should read theirs also.
It is for these reasons that I do not believe that an honest bankruptcy is in the least immoral.
If you are concerned with the ethics and morality of bankruptcy, you may wish to read this.