There is a stigma attached to bankruptcy that sometimes deters individuals from persuing it. Bankruptcy is not a bad word- bankruptcy is a forgiveness of debt that has been around since biblical times. We should not be ashamed that we sometimes dig ourselves too deep- we are human and we deserve a fresh financial start.
Christians- don't feel guilty about seeking to file bankruptcy protection. Bankruptcy is in essence the forgivenes of debt- just as the bible contains debt forgiveness laws.
Under U.S. bankruptcy laws, an individual can seek Chapter 7 bankruptcy, or a forgiveness of debt every 8 years. Under biblical law, the release of debt comes after 7 years.
"At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD's release" (Deuteronomy 15:1-2).
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