I understand the argument that going bankrupt is bad. Some people object to going bankrupt for moral reasons or religious reasons. I get that. When I went though my money troubles, and eventually bankruptcy, I felt the same way. It was a great struggle for me.
But after years of helping people with bad debt in impossible situations, what I object to more are people that won’t file bankruptcy even though it is the best solution to their current situation and gives them the ability to create a safer future rather than spending a lifetime making up for past mistakes.
So imagine my surprise when I saw the article today about the Jesuit Priests of the Oregon Province filing bankruptcy.
The Jesuits of the Oregon Province have filed for Chapter 11 bankruptcy protection. The petition was filed Tuesday in U.S. Bankruptcy Court in Portland. The province of the Roman Catholic order listed assets of less than $5 million and liabilities of almost $62 million.
“Our decision to file Chapter 11 was not an easy one, but with approximately 200 additional claims pending or threatened, it is the only way we believe that all claimants can be offered a fair financial settlement within the limited resources of the Province,” The Rev. Patrick J. Lee, the current provincial, said in a statement late Tuesday.
So if going bankrupt to reorganize debts is not moral or permitted under God, you would think that the church would never go bankrupt. Apparently the church recognized that bankruptcy is not against God, the church or morality. They didn’t dismiss it and you should not discount bankruptcy as a solution for your situation either if it is appropriate.
Steve
