farmer wrote: Perhaps the OP should ask what effect bankruptcy would have on his practice.
write off debts and allow to ordain to lead a holy life. Angulimala killed 999 people, which is much wrong than bankruptcy IMHO.
Would he be burdened by remorse? Guidance from a wise friend could be very helpful, since it is easy to be deluded about this sort of thing.
For big banks, few million$ (or $100K) dollars is almost peanuts. No hurt here. Poor economy can bankrupt even a good business, and it is not the business owner's fault that economy tanked in 2008 caused the business to go seriously into debt.
As I grow older, I understand more and more that it is hard to live really idealistic life in this material world. It is eat or be eaten. The law of the jungle. Its just how samsara works. Remorse is weakness and will allow others to tramp over you, materially at least. If one is nice, then others will walk over you. "You are nice, so you obliged to me. Aren't you? Your a good guy, right? If so, be a good guy and give me...."
This is one of the reasons why monk's life is so much better. You don't need to do most of worldly stuff. The worldly life is almost a trap. They make you take as much debt on you as possible, so you would pay off accrued interest and principle for the rest of your life to feed fat cats. What's so good about it?
It is almost impossible not to be in debt, even if this debt is "only" a mortgage with interest, of course.