China’s bankruptcy policy made me think of how conservatives argue that students with student loans need to pay their loans back and not pay their money frivolously, not understanding the exploitative system of US student loans which forces people into destitution in order to slightly improve their quality of life while they have to work most of their life to pay them off, and the people who spend frivolously at the expense of others are the rich, who also benefit from workers not being able to leave their job for better opportunities, afford homes and vacations, and not to mention the investments made off the student loan debt. Honestly, conservatives have some morals that are correct, but they are misplaced. I honestly believe many of the conservative proletariats are leftists but don’t realize it, and they are confused by the duopoly of our two-party system in which both parties manipulate and betray the working class. I hope the zeitgeist that RedNote is creating further radicalizes more people and unites people against the real enemy, the bourgeoisie.
The real bankruptcy policy she describes basically sounds like a protection against a rich person exploiting bankruptcy laws to get out of paying people what they owe them, i.e. a way to stop people from doing a particular kind of financial scam. I’d be curious to know for sure though where it derives from, historically, because the context of where stuff comes from is sometimes more important than what it looks like in principle. Such as with how you put it, a student paying back loans in the US derives from a predatory system. As do many costs that would put someone in the US in a position of having to “pay someone (most often an exploitative entity) back”; very different conceptually than the idea of a person who can afford to be rich, rich, rich trying to get out of paying someone back who may be a non-rich individual.
I still need to read the book, but if I understand you correctly, I believe Debt by David Graeber would help answer your question. This hour 17 minute long university speech from David Graeber regarding his book provides some context, too. https://inv.nadeko.net/watch?v=K0t50D4lQrs
Debt has origins dating back to the bronze age in relation to sexist power structures and slavery. David Graeber argues at one point in the video that capitalism is a transformation of slavery.