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Don't misunderstand here. If you take on debt you are obligated to repay it. Credit card companys make loans too easy and have to shoulder some resonsibilty in the matter. But the people who rack up the debt are also as responsible.

The government is also very responsible, as it has for many decades told everybody that exactly the same spending patterns that drive personal bankruptcy are totally sound.

The more I think about all the bankruptcy news lately, the more hypocrisy I can find, and the more ways I can count the average Joe getting screwed by people who don't practice what they preach.

Credit card companies nowadays securitize their receivables and float them in the market. If you have an 401k, then you (together with me and the bunch of others) are the creditors.
Since the property rights are the bedrock foundation of human civilization and thus of all that is good in it (like liberty and pursuit of happiness, to begin with; just take a look at the baboonery predominant in the places where the property rights are nonexistent or not respected) - hence the creditors' property rights are to be enforced to the limits of imagination.
Noone forces an irresponsible person to sign on the dotted line, and even then nobody tortures him/her into pulling the credit card out and using it. And if the card is lost or stolen from a person and used fraudulently, the law already provides for the damages limitation, if the card loss is reported promptly.
Maybe a lot of people should be declared by courts to be incompetent, and then legally excluded from all the activities demanding responsibility, with some incompetents even put away in secure storage facilities.