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I strongly agree with this sentiment. IMHO one of the biggest cons of recent years was convincing the public that honoring debts to debtors that did not honor their own was the moral thing to do. Of course, a personal debt to family or a friend has moral obligations, but you would be hard-pressed to find a large debt underwriting institution that views its contracts in moral terms. When the contract is viewed only through a legal perspective on the other side of the table, you do yourself a great disservice to assume the whole of the moral baggage.