Unfortunately debt is wealth for those who can manage to convince those who loan money to make those loans to them, particularly if one can find a way to convert the borrowed money into one's personal money while shedding the debts in specially-tailored bankruptcies.
This is partly why there are whole classes of investors that buy struggling companies, separate them into business-units where one unit gets saddled with basically all the debts, sells-off the good bits for profit, and sends the red-ink business unit into bankruptcy.
This is also why some businessmen will set up company after company and leverage naming rights and other costs to said companies to have those companies pay-out to said businessmen, then let the companies die on the vine and go into bankruptcy after extracting as much wealth out of the other investors and lenders. And they are allowed to do this again and again and again since these aren't personal bankruptcies.
The bankruptcy process needs significant reform. Those who engage in these practices one time need to be barred from serving in or owning new corporations in a controlling capacity after the second time. Once is a fluke, twice is the beginning of a pattern.