When you are buried under a mountain of debt and having creditors constantly calling and you are now considering filing bankruptcy to get them off your back, it's pretty hard to be thankful during this holiday season. The Bible speaks strongly about giving thanks even during the tough times. In Philippians 4:6 it says, "be anxious for nothing, but in everything by prayer and supplication with thanksgiving let your requests be known to God." Just because you're buried under a mound of debt and filing bankruptcy doesn't mean you don't have anything to be thankful for. If you live in the US and are free, you're better off than about 90% of the world. Living in America we take so much for granted and the Thanksgiving holiday gives us time to reflect on truly what is important. We get to sit down with our families and gorge ourselves with good food and company. We really don't realize how blessed this great nation is.
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The younger generations of Americans have joined the entitled class that believes they are owed everything and get bitter when someone has more than they do. Now, everyone wants to live like a rock star but since they don't have enough money, they will have to charge it. The generation that grew up following World War II saved for everything they bought and prided themselves on being debt-free. Back in the 1960s, people used layaway plans for large purchases or just saved up until they could afford it. This applied to automobiles, vacations and household appliances including a television. Credit was not an option if you couldn't pay for it you couldn't afford it. When the 1970s rolled around, revolving charge accounts became the new hot item. If you wanted to buy a stereo or television, you would open up an account with electronics or a department store and apply for credit to make your large purchase. No longer did you have to save up and wait to buy the latest item, you could charge it. This got compounded with credit cards and technology. You could have one card that would work in just about every store and restaurant. Americans started getting in debt and this is where the number of people filing for bankruptcy went on the rise.
In 2007, the younger generation saw firsthand what happens when you spend more than you can afford to pay. The country saw large numbers of Americans losing their homes to foreclosure and filing bankruptcy. Although the numbers have decreased since the record high of 2010, in 2012, it is expected to finish the year out at close to 1.3 million filing for bankruptcy. Although this sounds dismal, we need to be thankful that this great nation gives it's citizens an opportunity to wipe out their debt and get a second chance with bankruptcy filing. For the naysayers that still believe that filing bankruptcy is bad, the Bible is the basis for the current bankruptcy code. In the Bible it talks about forgiveness of debts and the sabbatical year. Deuteronomy 15:1-2 "At the end of every seven years you shall grant a release. And this is the manner of the release: Every creditor shall release what he is lent to his neighbor. He shall not require it of his neighbor or his brother, because the Lord's release has been proclaimed."
Even if someone is filing for bankruptcy, it is not the end of the world and after a short season this will look like a lesson learned in the past. Sometimes it's hard to understand the difficulties we go through in life but we should still thank God and rejoice in these times. Romans 5:3 says it all, "more than that, we rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope."
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