I rip all my albums to my hard disk and save the more obscure albums to an external hard drive on top of that. When I sell a disc, I also delete the files. I don't really care about the law. Deleting stuff I no longer own is more out of some sort of idea of respect for the artist.
If you don't pirate things, you're morally right in my book. Do whatever you want, just dont disrespect art and artists
If you get caught by the law, stand by your actions
The law is one thing, what's right is another...