Tuesday, April 19, 2011

April is Financial Literacy Month - April 19th

Jake Stichler brings us a question from one of his follwers at DebtSucksBlog.com. It's a deep one so we will need you to leave your thoughts in the comment secion below.

Is bankruptcy moral?

A) Yes
B) No
C) Only in certain circumstances

This is a much deeper question than the possible answers so let's start a conversation by leaving comments in the section below or let us know your thoughts on Twitter using #FLMonth.

1 comment:

Jon White said...

Is bankruptcy moral? It’s definitely not an easy question by any means and one of the hardest questions asked so far this month. To answer the question I think you need to first answer, “What is bankruptcy?” Bankruptcy is debt that you can not pay back to your creditors. Debt is where you make a promise to pay back money that is loaned to you. So essentially, bankruptcy is breaking a promise to repay money that you owe. To me then the answer to the question is B) No. I am not trying to judge anyone however, as there are good people who go through bankruptcy, sometimes due to no fault of their own due to medical situations. The main thing with bankruptcy however is to learn how you got to that point and change the way you are managing money so you do not end up in bankruptcy again.

There is life after bankruptcy so changing your habits is an important step in the recovery process.