Biblical Answer

Is there a way to get out of debt without going bankrupt?

While there is no clear-cut biblical teaching outlawing any and all debt, financial adviser Larry Burkett clarifies that the scriptural definition of debt is the inability to meet obligations agreed upon. In other words, debt is not inherently immoral, but rather a symptom of a larger issue such as irresponsible spending or negligence.

To get out of debt without going bankrupt, one must first address the underlying issues that led to the debt in the first place. This involves breaking habits of overspending, setting financial standards, and making a plan to pay off debts. It also requires a commitment to integrity and personal responsibility, rather than trying to avoid or hide the debt.

Ultimately, getting out of debt requires a willingness to confront and cancel debts, whether it be with creditors or oneself. This involves making a decision to cancel the debt, declaring it null and void, and focusing on the truth that the debt has been canceled. This can be a difficult process, but it is a necessary step towards financial freedom and a healthy heart. As the Bible reminds us, "Render all due obedience to the civil authorities. They in their way are servants of God. Let your one continuing debt be the debt of love." (Romans 13:7) By prioritizing love and integrity, we can break free from the cycle of debt and live a life of financial freedom and responsibility.