[dalereed]

“But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage? “

You still owe the amount of the contract and shouldn’t be relieved of the obligation to pay it in full.

I don’t believe that bankruptcy should be allowed for anyone under any circumstances.

[gpk9]

"I don’t believe that bankruptcy should be allowed for anyone under any circumstances."

My point and question have nothing to do with bankruptcy. My point is to illustrate the difference between responsiblity and wisdom. My question asks about the wisdom of the scenario set forth in the question.

[tvdog12345]

I don’t believe that bankruptcy should be allowed for anyone under any circumstances.

Let's bring back debtors' prisons. For the poor, anyway. The rich will get bailouts.