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Should A Christian File Bankrupt? Essay

808 words - 4 pages

Carl has gotten himself in an awful dilemma. If he chooses to file bankruptcy he needs to seek good Christian council. Carl has the option to file Chapter 7 bankruptcy or Chapter 11 bankruptcy. “In a Chapter 7 bankruptcy, the trustee liquidates the estate and distributes the proceeds, first to secured creditors and then pro rata within each level” (Bagley& Savage, 2010 p. 967). This will allow Carl discharge of his debts. “Chapter 11 bankruptcy rehabilitates a troubled debtor and maximizes the return to creditors. It can reorganize the debtor with a new capital structure so that it can emerge from bankruptcy as a viable concern” (Bagley& Savage, 2010 p. 962). This can be expensive and time ...view middle of the document...

God’d s word does not forbid filing bankruptcy nor does it forbid the borrowing of money. If the children of God are to be lenders, then somebody has to be the borrower. “Beliefnet, a Web site focused on religion and spirituality, filed for Chapter 11 bankruptcy protection after spending the $25 million that was invested by venture capitalist over three years” (Beliefnet, 2002). Sometimes bad things happen to the best of us. You learn from the mistakes that are made and move on. However, the Bible prohibits a Christian from borrowing if his intent is to never pay it back. Carl just got caught up in his bad judgments. “The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth” (Psalm 37:11, King James Version). If it is absolutely necessary a Christian can take on the burden of a debt, however, they should try to pay it back as quickly as possible. “The rich ruleth over the poor, and the borrower is servant to the lender” (Proverbs 22:7). The lender then has the right to put certain conditions on the loan, because he can tell you what you can and cannot do. A great example of this would be high interest rates....

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