In an article dated December 5, 2001, the Kansas City Star newspaper reported that bankruptcy filings in the U.S.A. during the first nine months of 2001 were up 19.5 percent from the same period a year earlier. This makes it likely that we will surpass the record high set in 1998.

Once upon a time bankruptcy came with a stigma. Bankruptcy was considered the last resort, because of the damage it did to your personal reputation. This disgrace has subsided, even with lenders.

A lender I managed had a bad habit of loaning money without running a credit bureau report. Since a person's credit history is one of the primary methods for a bank to determine a person's character, this was not acceptable.

I required him to run credit bureau checks on all potential borrowers. I was dismayed when I found that this lender had run a credit bureau, but he went ahead and loaned the customer money, even though the credit bureau reflected a recent bankruptcy. When asked, this lender explained that he had to run a credit bureau, but I didn't say he had to use it in his decision making process. He did not view filing bankruptcy, or breaking a vow to pay, as a character deficiency.

As I counsel many people considering bankruptcy, I like to remind people what the Bible has to say about this matter. Psalm 37:21 says, "The wicked borrow, but do not repay..."

Bankruptcy is not the problem. The problem is borrowing money and not paying it back. There may be times when bankruptcy is necessary, but that doesn't mean you disregard the debts. It's not an easy road, but the right one.

If you are considering bankruptcy, seek wise counsel and look for other alternatives first. If there is no other solution consider paying your creditors back after bankruptcy, no matter how long it takes. To your creditors, that's true integrity!

 © 2001, Integrity Management, Inc. "Integrity Moments with Rick Boxx" is a weekly commentary on issues of integrity in the workplace from a Christian perspective.