Bankruptcy is caused by many things among them long illnesses, especially in cases of people who do not have medical insurance. In this case, it might be as a result of recklessness as cases of Christian insolvency seem to assume. The Christian ideology looks at a bankrupt person as one who is irresponsible, since Christians are the steward of Gods property on earth. They should therefore treat this as a treasure and look after it as the Creator expects of them.
Christian insolvency could be accepted only among the poorest in the society. This is according to teaching in the Old Testament. In the olden days of the Bible, those who owed others were to work in their creditors fields to repay what they owed. It was only on the seventh year or what was commonly referred to as the Sabbath day that the debtor would get a relief and his debt would be canceled.
Christian bankruptcy, from the New Testament point of view teaches that Christians or those who wish to be like Christ should not owe anything to others. This does not mean that a Christian cannot borrow money to finance personal developments, but instead they should honor promises of paying back what they owe others. It also means that they should not borrow carelessly in order to be like others or for show off purposes. They should weigh their options to see if this is really a need or they can do without the debt.
It is wise for those called to be like Christ to be stewards and managers of what God has put in their lives. They should do away with bad spending habits to avoid situations that may lead others astray or that may lead them to file for financial distress.
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