Most large economies have some kinds of bankruptcy protection which is a suite of laws that cover various things from restructuring to debt relief. Chapter 11 is just a very well known law because American bankruptcy law showed the way forward for modern bankruptcy (fun fact in Ancient Greece failure to pay your debtor put you and your family into slavery and in the Middle Ages you’d be thrown into debtors prison). From a purely economic perspective it should be obvious why debtor’s person is a terrible idea - the person is taken out of any possibility for economic activity, which hurts economy and society. Slavery is similarly a problem because the debtor now is directing economic activity of another individual which introduces skew into what would actually be an efficient use of that person’s skills.

I’m not saying the book is good or bad as I haven’t read it. I’ve just read up on the history of bankruptcy and why it was introduced, how it helped form the modern economy, and why morally and ethically it’s problematic. Additional research into modern times of the problems with payday loans and their ilk. Money is a tool but it’s also used as a kudgle by the wealthy and powerful when deployed at scale. often has to be because otherwise the overhead of managing the wealth becomes too great (but that’s an externality they push onto society).