Question:

If a person experiences difficult financial times and begins to fall behind in his/her credit card payments. Is it halachally permissible to declare personal bankruptcy? Thanks

Answer:

It would be permissible to declare personal bankruptcy, although one should bear in mind the element of a possible Chillul Hashem.

The concensus of the Poskim is that personal bankruptcy does not release the debtor from his obligations to pay his debts to his creditors.

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