Even bankruptcy doesn't let you live beyond your means forever; it merely lets you escape some of the consequences of having done so for a time. The same can be said for the other alternative to eventually living within your means--dying young.

It has, of late, been possible to take the path of the serially bankrupt, living beyond your means a second, third, even fourth time. I think that will be harder going forward than it has been of late.

I don't say any of this to denigrate bankruptcy as an institution. It is entirely possible to undertake obligations in good faith and then be unable to pay them in full. Illness, superseding obligations (such as to a family member or to your country), and simple bad luck are just a few of the circumstances that can make bankruptcy the best choice.

But even bankruptcy doesn't mean you can live beyond your means forever.