Bankruptcy as an option, should be removed. Debt is Debt, and it must be paid, no matter how long it takes
Debt is Debt, and it has been incurred, to be able to apply to someone NOT to pay it, is nothing short of theft, but with permission.
Bankruptcy is not to be allowed. Except in the case of the Government, where the Government applies penalties which are outrageous and far heavier and higher than the courts would ever award to the lay man or regular business, in general.
All means to repay debt incurred must be fully explored
All assets to which the person who has incurred the debt, are to be made available to repay the debts, including assets that have been contributed to, by the person incurring the debt
These assets would include, but not be limited to: Housing, Superannuation Funds, Trusts, Other Businesses, Vehicles. Anything which, as a replacement/investment for putting funds into a bank account, which would be available, to repay that debt