Stepchange

SpongebobUKBF

Now you’re talking about potential breaches of the law.

The law and ethics are two different things entirely.

sourcrates

Donald Trump has been bankrupt six times I believe.

terrence45

sourcrates wrote: »

Donald Trump has been bankrupt six times I believe.

I believe his companies have been made bankrupt, but not him personally (the difference being little!).

terrence45

SpongebobUKBF wrote: »

Now you’re talking about potential breaches of the law.

The law and ethics are two different things entirely.

I think people are getting a little confused about the ethics thing. In my opinion, a person who borrows money knowing they won't be able to pay it back does commit an ethical misdemeanour, but at the point of borrowing and spending the money, not at the point of the inevitable bankruptcy later on. The bankruptcy is simply a legal process, drawing a line under an unpleasant and unsustainable situation, and could actually be seen as a responsible measure.

Likewise, a person who borrows money and fritters/gambles/drinks it away commits what I consider a 'mistake' (to say it's unethical may be a little unfair if the person is addicted or mentally ill) at the point of doing those things, not at the point of going bankrupt.

Plenty of people also go bankrupt due to things largely out of their control - a spendaholic spouse, illness, an economic crash, losing a job etc - and while I'm sure they'd love to go back in time and do things differently (wouldn't we all from time to time) the act of going bankrupt is just a legal/business arrangement, despite all the moral baggage that it comes with. People running out of money is just one of life's realities, and without debtor's prisons we need bankruptcy, otherwise credit wouldn't work.