There are many people out there who believe that debtors have a moral obligation to repay debt no matter what--illness, destitution, job loss or other crisis. Although, I respect the beliefs of others, I don't think this argument is sound. The laws of this country are designed to forgive the debts of individuals and businesses when necessary by using bankruptcy.
It's set up like this for a logical; but also a very moral reason. There are times when a person can no longer repay their debts either because of their poor choices or because of circumstances outside of their control. Bankruptcy was designed to relieve those people of their debt obligations and allow them to get a fresh start financially.
Bankruptcy was designed so that no one would become a "lifetime debtor" without any option for relief. Most of the people filing bankruptcy have exhausted all of their options before they decide to file. The vast majority of these people should have filed bankruptcy a long time ago; but they delayed because they were ashamed or felt that they had a moral obligation to repay their debts "no matter what." You would be amazed at some of the things some people are willing to endure in their efforts to avoid bankruptcy and repay their creditors.
If you are struggling to repay creditors, everyday expenses and/or are facing foreclosure and see no end in sight, you may need to file bankruptcy. Yes, bankruptcy should never be the first option when considering how to handle mounting debts; but it should be an option. Contact a Dallas-Fort Worth bankruptcy attorney about your bankruptcy options.