This question is occurring with increased frequency as more and more people are declaring bankruptcy. It needs to be answered in the light of the Bible's teaching. In our culture of easy credit, rampant consumerism, and instant gratification, it is not unusual for Christians to find themselves drowning in debt and looking for relief. They did not intend to place themselves in such a strait, but they were living on the edge with no reserve and an unexpected incident, accident, or illness suddenly placed them over the brink. They eye bankruptcy as a way out.
Christians ought to be known as a people who pay their debts.
It is expected of them and the Lord demands it. Those who fail to pay their debts bring reproach upon Christ and upon the church. It doesn't mean that we may never contract a debt and owe some man, but that we will not go on owing a man, that is, we will pay off the debt. The one debt we never get fully discharged is the debt to love one another. Another principle involved is the matter of theft.