Articles > Bankruptcy
I file bankruptcy as a Christian?
by Elaine Bechtel
Ever ask yourself: “How did my finances get into
such a mess?” Or “Is bankruptcy my only
Most often, financial mismanagement or even greed brings
us to the point where we feel bankruptcy may be our
only option…however, it is almost never a good
solution. The Bible warns us in Proverbs 21:17 (NAS)
“He who loves pleasure will become a poor man:
He who loves wine will not become rich.” And in
Psalms 37:21 (NAS) we read, “The wicked borrows
and does not pay back. But the righteous is gracious
and gives.” Being unable to pay our obligations
does not speak well of a God who supplies all of our
needs. We may need to ask ourselves a tough question:
Are our financial problems the result of satisfying
our wants (greed) rather than meeting genuine needs?
There is a big difference.
Whatever happened, here are some action steps to help
us climb back from the brink of bankruptcy:
- Admit your spending habits need to change.
- Ask God for help and find an accountability partner.
- Take a financial course (like Financial Freedom
in 7 Weeks Plus) and learn about freedom from debt
- Put a hold on credit card purchases for now.
- Create a debt repayment schedule and commit to repayment.
- Call each creditor and discuss your options. Ask
that they reduce the interest rate. Let them know
that you intend to pay them back.
- Outline your repayment plan for them in a letter
stating that if you get no response then you will
believe that they agree to the plan, and send it by
certified mail. (This may possibly help you if they
take you to court or turn you over to a collection
Coming back from the brink of bankruptcy is not easy,
but it is the right thing to do. So let Romans 13:8
(NAS) be your guide “Owe nothing to anyone except
to love one another; for he who loves his neighbor fulfills
the law.” And draw strength and confidence from
Philippians 4:13 (NAS) “I can do all things through
Him who strengthens me.”