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Your Question:
what happens to my assets when i go bankrupt and have no savings?
Answer:
As a pastor, I've seen my fair share of people struggling with debt. When it comes to bankruptcy, I believe it's essential to distinguish between different types of debt. If someone has incurred debt due to calamities or desperate measures, such as a job loss or a medical emergency, bankruptcy may be a necessary and moral response. In these cases, the person has shown personal responsibility and caution, but circumstances beyond their control have led to financial difficulties. In the case of bankruptcy due to irresponsible overspending or negligence, it's a different story. However, if someone has no savings and is struggling to make ends meet, bankruptcy may be a reasonable option. This type of bankruptcy is often referred to as a "bankruptcy of desperation." It's not about avoiding personal responsibility, but rather about finding a way to alleviate debt when all other options have been exhausted. When it comes to assets, in a bankruptcy of desperation, the moral person will not use it as a means of avoiding personal responsibility. In this case, the assets may be subject to seizure or liquidation to pay off creditors. However, it's essential to note that bankruptcy laws vary, and the specifics of asset protection will depend on the jurisdiction and the individual circumstances. As a pastor, my role is to provide spiritual guidance and support, not to offer legal advice. But I can assure you that, in a bankruptcy of desperation, the goal is to find a way to move forward, not to avoid personal responsibility.
Sources:
introduction biblical ethics
robertson mcquilkin
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