If it is too easy to default and reduce one’s debt burden, the result is moral hazard, because debtors gain an incentive to indulge in bad behavior. But if it is too difficult to restructure and reduce debts when bad luck leads to unsustainable debts, the result is bad for both the debtor and its creditors, who are better off when a reduced debt ratio is serviced than when a debtor defaults.
当个人、企业或政府的债务负担过高时，就需要法律体系提供有序方式将之下降到可持续水平（接近于债务人的潜在收入）。如果违约太容易并且能够降低你的债务负担，那么结果将是道德风险，因为债务人有了做出不当行为的激励。但如果是倒霉导致了不可持续的债务水平，而重组并降低债务又太困难，结果对债务人和债权人都不利，对后者来说，债务比率下降比债务人违约更好。