I may be wrong, but it seems you are speculating that people filing for bankruptcy are primarily irresponsible and left leaning. That was probably the case at one time, but today there are a lot of people across the spectrum that are in a hopeless situation. A lot are small business owners or people who have lost jobs in Obama's Depression.
Our nation is in trouble. A lot of people who would never have considered bankruptcy in the past, now are facing it.
My fear is that our nation will need to declare bankruptcy. A year of Jubilee, if you will. How will that effect our enemies - foreign and domestic - who have deliberately destroyed our economy and drowned us in debt? I doubt they want our nation to have a way to get back up off the mat, but soon, the only way to do that will be to cancel ALL debt and start fresh.
I agree. Bankruptcy is a deleveraging tool. Generally, debts are restructured to try to pay them back. This isn’t the same as just walking away from the problem. I also agree that the economy has been so bad for so long now that there are responsible people being pulled down now. Let’s not forget, real unemployment is still north of 12%.