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Although several countries have bankruptcy laws of one variety or another, most are designed to assist businesses in financial trouble. The United States is unique in that it is one of very few that have a bankruptcy system designed to assist the consumer debtor. Additionally, this protection afforded by bankruptcy is enshrined in our Constitution.
The New York Times has an article describing the horrors of a country without such a bankruptcy law to act as a safety net for the honest, but unfortunate debtor. The article describes how one Afghani man owed a debt that almost required him to sell his 6 year old daughter in marriage to the creditor when he could not repay the debt.  Thankfully at the last minute, someone paid his debt for him averting disaster.  But how many times in Afghanistan and other countries do debts go unpaid and a child is lost ?  The man had originally borrowed the money to pay for medical bills.
Let us be thankful that we live in a country that allows the honest but unfortunate debtor to be protected from such evils as described in this article, or other evils such as debtor prisons or involuntary servitude to the creditor.