What new life, to walk away = declaring bankruptcy. Which = no...

What new life, to walk away = declaring bankruptcy. Which = no international travel, no car worth over $x, salary garnished over certain amount once you are gainfully employed again, cannot get credit, cannot work in various industries (banking, insurance etc). In Aus we have a massive incentive to do whatever to make ends meet and scrape buy to pay a mortgage even if the asset isn't worth that much anymore. That didn't exist in the US, the debt is your problem here regardless of whether you still live in the house or not.