Many of the people walking away are simply bankrupt. Are they immoral? If a family is basically bankrupt but don't want to officially file and walk away anyways aren't they essentially taking the same hit as the people who do file bankruptcy? They just choose not to formalize the debt relief through a court.

Of course I am not talking about the person who can pay but just doesn't want to here. I am just raising another hypothetical case. Is bankrupt a label the government sanctifies or is bankrupt a state of financial being that people know they are in when the hit it? Is there a difference and is one moral but the other not?