The authors consider Ladson-Billings' (2006) charge to reframe the way the "achievement gap" is viewed, and put forth the metaphor of "bankruptcy" as a way to acknowledge the educational debt and educational inequity and move towards debt forgiveness in public education. Specifically, the bankruptcy metaphor is used to examine the debt embedded in the historical progression of federal school reform policy including the No Child Left Behind (NCLB) act. Acknowledging this debt requires valuing and supporting children and their families through educational policy that supports equity. The authors assert that reconciliation of the debt requires working across disciplines and agencies to address the larger community issues surrounding educational inequities. (Contains 1 note.)