Yo, Bern, bankruptcy IS cancelling debt. It gives you the chance to start over.
There is an easier, more comprehensive way to effectively cancel all debt. I give my word as a Biden that it will work.
You simply crash the currency. Sort of like what we are doing now, but with a bit more commitment.
When that happens, all debts are effectively cancelled. You issue new currency “New Dollars” that are exchanged 10000:1 with “Old Dollars”
All money in the bank and all debts are zero.
Then all you have to do is find everyone with assets and confiscate them.
Viola! We are all equal. We all have nothing!