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In Response To Those Argue That Bankruptcy Is Immoral and Unethical
January 06, 2012
Very often I encounter individuals who feel very strongly that bankruptcy is immoral, unethical and somehow violates their religious beliefs.
If the debtor went ahead and took out loans without any intent to pay them back, or used their credit cards in order to make purchases they knew outright that they would simply find ways to avoid, then I agree wholeheartedly that it would be immoral and unethical to pursue bankruptcy as an attempt to avoid repaying those debts.
In fact, it would also be downright illegal.
However, every debtor I've met to date has been an individual who made purchases with their credit cards or took out loans that they intended to repay, upon earning a better income which would allow them to fund their day-to-day living expenses as well as paying back these outstanding debts. To those debtors who still feel that pursuing bankruptcy as a viable option is immoral and unethical, I invite you to open the Bible, and look at Deutoronomy 15:1-2 (דברים פרק טו)
In English:
1 At the end of every seven years thou shalt make a release.
2 And this is the manner of the release: every creditor shall release that which he hath lent unto his neighbour; he shall not exact it of his neighbour and his brother; because the LORD'S release hath been proclaimed.
For even further elaboration, I will include the detailed explanation of these passages by Rashi - both in English translation as well as the original Hebrew:
At the end of seven years [you shall make a release]: One might think that this means seven years [starting from the transaction] of each loan. Scripture, therefore, states, “The seventh year [i.e., the year of release] has approached…” (verse 9). But if you say [that] “seven years” [means] for each loan, after each individual loan, how has it approached? [No loan was yet transacted.] Consequently, you learn [that Scripture means] seven years according to the counting of the Shemitha [cycle]. — [Sifrei]
מקץ שבע שנים: יכול שבע שנים לכל מלוה ומלוה, תלמוד לומר (פסוק ט) קרבה שנת השבע. ואם אתה אומר שבע שנים לכל מלוה ומלוה להלואת כל אחד ואחד, היאך היא קרבה, הא למדת שבע שנים למנין השמיטות:
to release the hand of every creditor: [lit. to release every master the loan of his hand, which makes no sense. Therefore, Rashi interprets the verse to mean] to release the hand of every creditor [from reclaiming the loan].
שמוט כל בעל משה ידו: שמוט את ידו של כל בעל משה:
David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.
If the debtor went ahead and took out loans without any intent to pay them back, or used their credit cards in order to make purchases they knew outright that they would simply find ways to avoid, then I agree wholeheartedly that it would be immoral and unethical to pursue bankruptcy as an attempt to avoid repaying those debts.
In fact, it would also be downright illegal.
However, every debtor I've met to date has been an individual who made purchases with their credit cards or took out loans that they intended to repay, upon earning a better income which would allow them to fund their day-to-day living expenses as well as paying back these outstanding debts. To those debtors who still feel that pursuing bankruptcy as a viable option is immoral and unethical, I invite you to open the Bible, and look at Deutoronomy 15:1-2 (דברים פרק טו)
In English:
1 At the end of every seven years thou shalt make a release.
2 And this is the manner of the release: every creditor shall release that which he hath lent unto his neighbour; he shall not exact it of his neighbour and his brother; because the LORD'S release hath been proclaimed.
For even further elaboration, I will include the detailed explanation of these passages by Rashi - both in English translation as well as the original Hebrew:
At the end of seven years [you shall make a release]: One might think that this means seven years [starting from the transaction] of each loan. Scripture, therefore, states, “The seventh year [i.e., the year of release] has approached…” (verse 9). But if you say [that] “seven years” [means] for each loan, after each individual loan, how has it approached? [No loan was yet transacted.] Consequently, you learn [that Scripture means] seven years according to the counting of the Shemitha [cycle]. — [Sifrei]
מקץ שבע שנים: יכול שבע שנים לכל מלוה ומלוה, תלמוד לומר (פסוק ט) קרבה שנת השבע. ואם אתה אומר שבע שנים לכל מלוה ומלוה להלואת כל אחד ואחד, היאך היא קרבה, הא למדת שבע שנים למנין השמיטות:
to release the hand of every creditor: [lit. to release every master the loan of his hand, which makes no sense. Therefore, Rashi interprets the verse to mean] to release the hand of every creditor [from reclaiming the loan].
שמוט כל בעל משה ידו: שמוט את ידו של כל בעל משה:
David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.