Matbe we should adopt the Biblical stance and force creditors to discharge everyone's debt every 7 years. I like that idea. :)
Deu 15:1
At the end of [every] seven years thou shalt make a release.
Deu 15:2
And this [is] the manner of the release: Every creditor that lendeth [ought] unto his neighbour shall release [it]; he shall not exact [it] of his neighbour, or of his brother; because it is called the LORD'S release.
I never thought of it before some of the posters pointed out this biblical passage regarding the 7 years, but under the Bankruptcy Code prior to this reform, you could not file a Chapter 7 within 7 years of a prior filing. I wonder if this past law was based on the biblical passage.