The american bankruptcy system is much more forgiving than most of the world, precisely because it allows the economy to be more flexible.

"Some countries keep failed entrepreneurs in limbo for years. Britain will discharge a bankrupt from his debts after 12 months; in America it is usually quicker. In Germany people expect it to take six years to get a fresh start, according to the commission; in France they expect it to take nine (see chart 2)." http://www.economist.com/node/21559618