T is for Thanksgiving: Thankful for bankruptcy laws

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T is for Thanksgiving: Thankful for bankruptcy laws

As Thanksgiving approaches, I decided to let the letter “T” in my bankruptcy alphabet series stand for “Thanksgiving”.   This does not mean being thankful that you need to file bankruptcy, but rather being thankful that we have laws that enable people to file bankruptcy and be protected.

Not all countries do.

THE U.S. CONSTITUTION AUTHORIZES BANKRUPTCY

Bankruptcy laws are authorized directly in our Constitution.  Article I, Section 8 says Congress shall have the power to ” establish a uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States.”

Without a doubt, our bankruptcy laws have changed quite a bit in our country’s 230+ years but, at least in the so-called modern era, they enable those qualified to simply walk away from certain debts without further obligation such as in a Chapter 7 bankruptcy context, and others to reorganize their debts by repaying a percentage, such as in a Chapter 13 or Chapter 11 context.

Many countries have bankruptcy laws (see Wikipedia’s  summary of foreign bankruptcy laws), but many do not.  And, the ones that do are not always as “friendly” to those in need as the United States.

Bankruptcy Laws Try to Strike a Balance

As with most laws, bankruptcy law has changed over time to try to strike the proper balance between creditors’ rights to get paid with debtors’ need for a fresh start.

Also factored in is the need to society as a whole to promote entrepreneurs, business ventures, and keep individuals as productive members of society.

But overall our bankruptcy laws work here and we can all be thankful we have them, even if we never need to use them.

Discuss Your Options With A Bankruptcy Attorney

When the bankruptcy laws were created, so were bankruptcy attorneys.

Bankruptcy is not designed to be a “do it yourself” project.

Whether you are a debtor (someone who owes money) or a creditor (someone who is owed money), if you have a bankruptcy related issue, the earlier you consult with a bankruptcy attorney, the better off you will be.

 

 

Image Courtesy of  Mark A C Photos

Others Writing about the letter “T”:

Tax Refund  Cleveland Bankruptcy Attorney Bill Balena
Taxes    Kauai Bankruptcy Attorney, Stuart T. Ing
Tension    San Mateo County Bankruptcy Lawyer Cathy Moran
Thirteen    Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Tools of the Trade    Colorado Springs Bankruptcy Lawyer Bob Doig
Transfers    Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Trustee    Bankruptcy Lawyer Jay S. Fleischman
Tax Refunds    Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Timeshares    Wisconsin Bankruptcy Lawyer, Bret Nason
Trustee    Livonia Michigan Bankruptcy Attorney, Peter Behrmann

Tax Dischargeability: Cate Eranthe
Taking Social Security To Pay Student Loans    St. Clair Shores MI Bankruptcy Attorney Kurt OKeefe
Tax Discharge    Allen Park, Michigan Bankruptcy Lawyer, Christopher McAvoy
Trustee    San Francisco Bankruptcy Attorney, Jeff Curl

 

By | 2016-10-18T13:35:35+00:00 November 17th, 2012|Categories: Bankruptcy Alphabet, Bankruptcy Law|2 Comments

About the Author:

Attorney Mark Markus has been practicing exclusively bankruptcy law in Los Angeles, California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau. Google Plus

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