Is bankruptcy morally wrong?

Our Professional Answer:

All too often, I’m asked if bankruptcy is morally wrong? Bankruptcy is a law that’s granted to us by Congress but there’s a reason. The reason is that without a bankruptcy code to relieve ourselves of debt when we’re financially distressed, we would essentially be financial slaves. Even the Bible recognized in Deuteronomy 15 1:12 that debt must be relieved every seven years. They called it the Lord’s release.