For many people financial woes have them stressed out, while they barely survive living paycheck to paycheck. They may have medical bills, student loans, credit card debt, car loans, payday loans and more piling up on their desk. For many it seems like an insurmountable task to get debt free and stay that way. Many people turn to Bankruptcy as a quick fix to their financial problems… but is that the right answer for Christians?
When we look at bankruptcy we have to understand what it means to most people. Chapter 7 bankruptcy eliminates all of your debt, wipes the slate clean, and leaves you with a damaged credit score for a very long time. There are other forms of bankruptcy that allow you to restructure your debt, and pay it off over a longer period of time, with a much lower monthly payment.
Biblically speaking it is very clear that as Christians we are to pay our debts (Ecclesiastes 5:4-5) and that the wicked “borrows and does not repay” (Psalm 37:21). It may seem very tempting to start over with Bankruptcy but unless you learn to be obedient to what God wants for you and to be a good steward of His money, this will only address the symptom and not the problem. As a reflection of this truth, many people who file bankruptcy find themselves in financial turmoil again and again.
One obvious way you can avoid this going forward is to educate yourself on financial matters. Let’s face it, we live in a country where our public education system fails to educate its children on basic financial management. Sure you probably took a history class in high school, a social studies class and maybe even home economics… but how much of that knowledge did you apply to your life?
The internet offers a wealth of knowledge on financial planning, budgeting, and strategies you can use to get your financial life on track. Personally I am a big fan of Dave Ramsey, author of Total Money Makeover and Financial Peace University. He has a YouTube channel with tons of free advice and a radio talk show where he answers calls from listeners and gives them financial strategies.
You can also Google financial planning and budgeting and find a ton of other great resources. Use them! They are available to you, free at your fingertips. Stop sailing the troubled waters of financial insecurity and find calmer seas. Do you want to know the very best way to find those calm seas? Remember this: As a Christian (and of course non-Christian as well) everything you own from money, to cars, houses, jewelry and even electronics… EVERYTHING belongs to GOD. You OWN NOTHING, you are simply a steward of what God has placed in your care.
While you are here on Earth it is your duty to do what is right and Godly with HIS things. If you are not sure what to do, learn. If you have already made the choice to file bankruptcy and won’t be swayed then at least re-structure your debt and pay if off over time.
Turning your back on debt that you vowed to pay is NOT an option.