But repaying every debt is a biblical requirement, and Christians must be willing to accept this requirement. Next, the issue of motive must be addressed. The answer to this question can be found in whether or not assets are purposely withheld from the creditors. For example, many times when someone files for corporate or personal bankruptcy protection, assets have been transferred to the spouse or other family members. So, if the intent is merely to protect the assets of the debtor, without due consideration of the creditors, the action is unscriptural.
Bankruptcy is a serious matter and, at best, both sides lose.
The creditors lose much of the money they are owed, and the debtors lose some of the respect they previously had. There is still a stigma associated with any bankruptcy, and it will remain until the last creditor is repaid. However, individuals who have filed bankruptcy can turn an otherwise negative situation into a positive one by making a commitment to repay what is legitimately owed. Then, they should look to God to provide the means to fulfill that commitment. William C. Stalions is vice president of ministry development for Turnaround Ministries, which operates from CFC's headquarters in Gainesville, Georgia.