Bankruptcy

Bankruptcy, today, is a very common thing among companies and individuals alike. Sadly enough there were as many bankruptcy cases filed in federal courts, as there were all other cases. The American bankruptcy law allows people to avoid paying their debts, by offering the debtors a discharge, which eliminates all their legal responsibilities. However, bankruptcy is a controversial issue amongst religious members of the Jewish population, for one must question whether it is morally correct …

…through secular law, unfortunately, may be the only way to clear debts owed between many. Although it is not the preferred way to do business, especially between religious Jews, it is the way the world works and it makes it easier to get rid of the debt between Jews and non-Jews. This paper is a very revised version of bankruptcy and the Halacha perspective, but I hope it provides all the information that is necessary.