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What about the honesty of filing for bankruptcy? Is it right?
Look, we were all raised the same way.
If you borrow money you should pay it back.
But what if you simply can’t?
What if you were laid off
and can’t even afford to support your own family?
It’s not dishonest to file bankruptcy.
Even Abraham Lincoln filed bankruptcy did you know that?
Bankruptcy does not change your moral obligation to repay your debts;
it only changes your creditors' abilities to use the legal process
to force you to payment from you.
If you feel obligated to pay your debts,
the law welcomes you to voluntarily pay your debts
even after bankruptcy has forgiven them.
And, if you pay a little bit towards a debt
that has been legally forgiven in bankruptcy,
that does not re-ignite the old debt, it
remains extinguished.
You would be free to pay any of your debts,
in whatever order you wanted,
however much you wanted,
and when you wanted to do so.
You could, for example, pay Visa $5 one month
and then skip three years before paying again.
You could pay back your friends and relatives
before you get to the big banks.