What are the pros and cons of filing bankruptcy? What alternatives are out there? Is it moral not to pay creditors? When collectively considering the moral and long term implications for declaring bankruptcy, how wise of an action is it really?

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Bankruptcy refers to a legal status that an individual or entity acquires whenever a court of law evaluates the financial situation and makes a declaration that the individual or entity has been unable to settle their debts whenever they are due (Epstein, 2002). The most notable advantage is debt relief in the form of discharge or paying schedules with creditors. It also enables the insolvent person to maintain a dignified standard of life in the short-term and to secure an amicable arrangement with the creditors. However, a burden of bankruptcy is that the …

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