Bankruptcy is a hard decision and many people struggle with the idea of going back on their promise to pay back their debts. I believe the decision to file bankruptcy is a personal one, but I think it is important to put the legal concept of bankruptcy in context.
Bankruptcy is a centuries old concept. There are some who believe that even the Bible condones bankruptcy. The United States’ Founding Fathers felt that bankruptcy was an important enough right to include it in the Constitution.
Article I, Section 8 states that Congress shall have powers to establish “uniform laws on the subject of Bankruptcies throughout the United States.”
My purpose is not to convince you that you should resort to bankruptcy, but if you are struggling with the idea of bankruptcy, you should know that more than two hundred years ago, our Founding Fathers had the wisdom to include the right to do so in the Constitution. Obviously, they did not believe that people who are overwhelmed with debt should not have that option.