The Purpose of Bankruptcy Law
Webcast Q&A: 30 October 2011, Question 1
I answered a question on the purpose of bankruptcy law on 30 October 2011. You can listen to or download the podcast of just this question below – or check out the whole episode of Philosophy in Action Radio.
What is the proper purpose of bankruptcy laws? When should a person renegotiate his debt with lenders, if ever? Should a person be able to wipe his debt clean by going into bankruptcy? In your 10 July 2011 webcast discussion of strategic default on mortgages, you suggested that a person shouldn't be able to do that, but shouldn't lenders be responsible for who they lend money to?
My Answer, In Brief: The purpose of bankruptcy law not to give people a fresh start, but rather to peacefully and fairly resolve conflicts that arise between the debtor and his creditors when the debtor is truly unable to pay his debts.
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About Philosophy in Action
I'm Dr. Diana Brickell. I'm a philosopher specializing in the application of rational principles to the challenges of real life. I received my Ph.D in philosophy from the University of Colorado at Boulder in 2009. My book, Responsibility & Luck: A Defense of Praise and Blame, is available for purchase in paperback and Kindle. The book defends the justice of moral praise and blame of persons using an Aristotelian theory of moral responsibility, thereby refuting Thomas Nagel's "problem of moral luck."
My radio show, Philosophy in Action Radio, broadcasts live over the internet on most Sunday mornings and some Thursday evenings. On Sunday mornings, I answer questions applying rational principles to the challenges of real life in a live hour-long show. Greg Perkins of Objectivist Answers co-hosts the show. On Thursday evenings, I interview an expert guest or discuss a topic of interest.
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