I was browsing the internet the other day and ran across an article entitled, “1,500 Farmers Commit Mass Suicide In India” which talked about Indian farmers killing themselves because of crop failures that left them deeply indebted.The article said:
Over 1,500 farmers in an Indian state committed suicide after being driven to debt by crop failure, it was reported today. “Most of the farmers here are indebted and only God can save the ones who do not have a bore well.”
Many Americans may wonder, how could debt be so bad that it would drive over a thousand human beings to suicide? Well, in India there are NO bankruptcy laws. A person in India who becomes overwhelmed by debt is totally at the mercy of his/her creditors, he/she does not have the right to file bankruptcy. In India only death can wipe out the debt. Luckily for Americans, our founding fathers had the foresight to see the importance of debt forgiveness through bankruptcy. Because of bankruptcy, businesses and individuals enjoy more freedom to take risks and thus continue to expand our society with new businesses and innovations.