Should Christians Declare Bankruptcy? What to Do When Debt Gets Out of Hand
Should Christians declare bankruptcy? This is an important question that has been troubling several Christians around the world today because of the economic crisis that we are facing.
Although the Bible doesn't directly address the issue of bankruptcy, there are various principles that can be applied to the situation that can help us make a judgment.
Should Christians Declare Bankruptcy? The first Biblical principle that applies to the situation is that we have the responsibility to pay what we have promised and keep our promises.
It is better not to take a responsibility than to take it and then not pay.
Another Biblical principle says that not paying what we owe and living on credit is the characteristic of wicked people.
Christians should not behave in a way that is similar to the wicked.
Is it really ok to go for a quick fix by going bankrupt? Based on the principles discussed above it can be said that this is not the true way out of the problem for a Christian.
A good Christian will have to pay what he owes as per the agreement terms.
What this means is that you will have to radically change your budge and your lifestyle but you should still pay off your debts.
Should Christians Declare Bankruptcy? What are the Other Options? If it is not morally correct for Christians to file for bankruptcy, what are the alternatives available? A better option is to consider a debt consolidation program.
Basically this is a plan which will allow you to consolidate all your loans and debts so that you can pay them back easily through manageable installments.
This would be a very helpful way of avoiding bankruptcy.
You will be able to get a loan that will allow you to repay loans with higher interest rates so that you can also save a considerable amount of money on the interest payments.
You will only have to handle a single loan then which will allow you to be in a comfortable position.
There are various benefits of using debt consolidation as a way out of bankruptcy.
Not only will it make it easier for you to manage loans but it is also a good way of reducing the interest charges.
In most cases the interest rates of debt consolidation loans is lower than your other loans so you would be able to pay off your debt and also save a lot of money in the process.
Should Christians declare bankruptcy? No, a true Christian should pay back whatever he/she owes and a debt consolidation is just the right way in which you can achieve this goal.
Although the Bible doesn't directly address the issue of bankruptcy, there are various principles that can be applied to the situation that can help us make a judgment.
Should Christians Declare Bankruptcy? The first Biblical principle that applies to the situation is that we have the responsibility to pay what we have promised and keep our promises.
It is better not to take a responsibility than to take it and then not pay.
Another Biblical principle says that not paying what we owe and living on credit is the characteristic of wicked people.
Christians should not behave in a way that is similar to the wicked.
Is it really ok to go for a quick fix by going bankrupt? Based on the principles discussed above it can be said that this is not the true way out of the problem for a Christian.
A good Christian will have to pay what he owes as per the agreement terms.
What this means is that you will have to radically change your budge and your lifestyle but you should still pay off your debts.
Should Christians Declare Bankruptcy? What are the Other Options? If it is not morally correct for Christians to file for bankruptcy, what are the alternatives available? A better option is to consider a debt consolidation program.
Basically this is a plan which will allow you to consolidate all your loans and debts so that you can pay them back easily through manageable installments.
This would be a very helpful way of avoiding bankruptcy.
You will be able to get a loan that will allow you to repay loans with higher interest rates so that you can also save a considerable amount of money on the interest payments.
You will only have to handle a single loan then which will allow you to be in a comfortable position.
There are various benefits of using debt consolidation as a way out of bankruptcy.
Not only will it make it easier for you to manage loans but it is also a good way of reducing the interest charges.
In most cases the interest rates of debt consolidation loans is lower than your other loans so you would be able to pay off your debt and also save a lot of money in the process.
Should Christians declare bankruptcy? No, a true Christian should pay back whatever he/she owes and a debt consolidation is just the right way in which you can achieve this goal.
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