"Bankruptcy has been legally used for a long time."

But it was recently changed to make it harder for the poor to even declare bankruptcy. To protect the banks.

The wealthy just consider it a business decision. Things go on as normal after and it's a great relief.

If a private citizen declares bankruptcy its a stain in their morality and judgement and are punished for it. And there is no sigh of relief.

"There are hundreds of rich people who use Chapter 11 bankruptcy as a "trump" card to dispose of debts accumulated through their extravagant lifestyle. Rihanna, Larry King, Nicholas Cage, NFL players, M.C.Hammer, Michael Jackson, Mike Tyson; the list goes on and on."

Most rich people opt for Chapter 11 bankruptcy simply because it is a convenient option for them. It gives them an option to save their assets.

Donald Trump declares bankruptcy and can declare it again and still live in a mansion and flaunt his wealth.

The poor face a hard times in discriminating between the necessary living expenses and disposable income. Most don't even qualify for chapter 13 and have to sell off everything in a chapter 7.

The wealthy just reorganize their assets and get rid of debt.