200 – Is Bankruptcy Morally Wrong?
Debt Free in 30 · Doug Hoyes
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Show Notes
For as long as debt has existed, society has judged people for failing to pay it back. Over the years, I've heard hundreds of honest, but unfortunate debtors tell me they are stressed out because they believe they have morally failed for being unable to repay their debts. But why is it that we attach a moral dimension to bankruptcy at all? Is bankruptcy morally and ethically wrong or is it more accurate to just consider filing bankruptcy to be a math decision?
When you face financial hardship like an illness or job loss, and can no longer afford to make your debt payments, it's a math problem, not a moral dilemma. On today's show, I give you 5 reasons why bankruptcy is not morally wrong, despite what mainstream society would have you believe.
- Your lender collects interest
- Your lender prepares for risk
- Life happens
- You are the boss
- Bankruptcy is a necessary social safety net
My full argument is on today's podcast.