Sure, that is definitely one way to look at it. What is wrong with America is that we are too easy on those in poor financial shape and we should crack down on

Sure, that is definitely one way to look at it. What is wrong with America is that we are too easy on those in poor financial shape and we should crack down on them. Another way to look at it is sometimes either through bad choice or unfortunate circumstance people get into financial trouble. Not everyone has wealthy parents or a network they can fall back on. By not allowing people to reset you are creating an indentured class. What of those unable to pay? Should we send them to prison? Perhaps garnish their wages in perpetuity? What if they become pregnant or sick after falling into debt? By not allowing a way out you are creating a slippery slope towards forced labor. Not allowing bankruptcy also closes the door on entrepreneurship for anyone in a low income bracket or without rich parents. They cannot take a business loan as the risk of failure means they are forever indebted. All roads lead to the rich getting richer and the poor getting poorer. Note: If its legal it cannot be theft by definition.