This best captures the main point, which is that current bankruptcy laws, which are more focused on helping people in financial trouble, best serve the needs of society.

This doesn’t capture the author’s opinion about these laws, which is that they’re good for society and should be kept. If the author expresses an opinion about the central topic of the passage, then that opinion should be part of the main point.

The author doesn’t indicate that the earlier punitive approach to bankruptcy was more economically efficient. If anything, she suggests that it was less efficient than the current approach, because it deprived debtors of an opportunity to repay even a portion of their debt, and could lead to unemployment and disruption of other services.

The author never suggests that punishment doesn’t have a deterrent effect anymore. Since (D) isn’t supported, it can’t be the main point.

(E) might describe the origin of the current bankruptcy laws, but it doesn’t capture the author’s opinion about these laws, which is that they’re good for society and should be kept. If the author expresses an opinion about the central topic of the passage, then that opinion should be part of the main point.