I have known people who have had a bankruptcy, have friends contemplating short-sales. In all these cases it involved a failed business or lost job, not stupidity, or walking away from a debt they could pay, or lying on a loan application. Bankruptcy has it's place - taking risk is a part of life and unforeseen circumstances change things - but I think people who are stupid or spend more than they can really afford should be thrown into debtor's prison.
So this article about deadbeats hits home. The woman who walked away from not one, but three mortgages, then goes out and buys expensive furniture is human scum in my book.
People from the Depression who couldn't pay off debts lived thriftily and modestly, the moral obligation of what happened to them hanging over them for years.