Is it wrong to file Bankruptcy on your debts?

People often express guilt or shame over the thought that they may not be able to pay all their debts.  In fact it is common for people to feel as though they are doing something immoral or un-American.  This however should not be the case. 

Our very system of Bankruptcy is based on Judeo- Christian teachings.  In Deuteronomy it states that, "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).  This release of debts is where Bankruptcy began.


Even our Founding Fathers understood the need for Bankruptcy in the American system.  In fact Bankruptcy was in the original Constitution in Article 1, Section 8, Clause 4 which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Even the freedoms of speech, religion, press, assembly, right to counsel, right to trial and many of the other basic American fundamental values were mere after thoughts to the Founding Fathers compared to the right to file Bankruptcy.